(Kitco News) – If every company in the S&P 500 puts 10% of their cash into Bitcoin, the cryptocurrency then becomes a trillion dollar market, said Gary Wagner, editor of TheGoldForecast.com.
While gold is climbing slow and steadily as opposed to Bitcoin’s sudden burst into new all-time highs, similar to the “tortoise and the hare”, Bitcoin has higher upside potential in the short-term, with an upside target of $61,000, and a downside correction floor of $39,000, Wagner said.
“Unlike other hard assets, the value of Bitcoin is 100% controlled by demand, whether it’s buyers or sellers in the market. The intrinsic value of Bitcoin is nebulous at best,” Wagner said. “If you continue to have this kind of excitement, you can continue to see it rise. I am honestly surprised at the moment it has picked up over the last couple of days.”
Wagner’s comments come as Bitcoin breached new all-time highs this week before pulling back to $44,000 on Wednesday.
Wagner warned that should a retracement occur, the move downward could be just as strong as the recent moves upward.
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