While individual investors and companies are increasingly adopting bitcoin as a reserve asset, analysts are considering the price that bitcoin might reach in the long term. Willy Woo, a bitcoin analyst, has given his take on the possible evolution of the bitcoin price in the next 20 years.

On social media, Woo made an exceedingly bullish prediction for bitcoin, estimating that its market capitalization might even surpass global gross domestic product (GDP) levels.

Woo stated that he preferred this new estimation, based on GDP numbers, as the U.S. dollar continues to be debased.

He explained:

My target is World GDP / 21 million. Give or take +/- 50%. Will take the good part of 2 decades to get there.

This means that, taking into account the predicted GDP growth and the debasement of the U.S. currency, Woo’s estimations position each bitcoin at multi-million-dollar prices for 2045.

“If we inflate GDP at 7% per year for 20 years, measured in debasing USD, that would be $425T or $20M per coin give or take 50%,” he assessed.

Woo’s numbers were received with skepticism by some, who asked what the relationship is between a scarce commodity and the growth of the global GDP. He clarified that as the GDP grows, the money must also grow to provide the means to purchase all the goods and services produced.

“Gold used to be that money. BTC is the challenger. Fiat is a short-term distortion when viewed in long time frames. Hard money will return,” he concluded.

Woo recently called for the U.S. to revalue its gold reserves to use them to purchase bitcoin, stating that this would drive a rush for BTC from third parties front-runned by the state.

Read more: Analyst Urges US to Sell Gold for Bitcoin, Then Mine Asteroids

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