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Key Points
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Bitcoin, the largest cryptocurrency, achieved a market valuation of over $2.4 trillion on July 14, 2023, surpassing tech giants like Amazon.
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Michael Saylor, founder of Strategy, predicts Bitcoin could reach a staggering $13 million per coin by 2045, implying a market cap of $273 trillion.
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Currently, there are 601,550 Bitcoins held by Strategy, valued at approximately $71 billion.
Market Valuation and Predictions
On July 14, Bitcoin’s valuation briefly hit $2.4 trillion as its price crossed $123,000 per coin. Saylor envisions that tokenizing global assets worth over $500 trillion could drive Bitcoin’s price immensely, although he acknowledges challenges in achieving this prediction.
Implications of Bitcoin’s Valuation
If Bitcoin reaches Saylor’s target of $13 million, it would represent a market cap nine times the current U.S. economy and 66 times more than the world’s largest company, Nvidia. This raises questions about Bitcoin’s viability as a global currency given its volatility, with only 6,600 merchants currently accepting it as payment.
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