Chamath Palihapitiya thinks the time is right for BTC to hit a number way higher than the $7,000 mark many were hoping for. Palihapitiya, who was a former Facebook boss and is the CEO at Social Capital shared his thoughts with Anthony Pompliano of Morgan Creek Digital.

He said:

It’s still a speculative instrument, and it’s too speculative for it to be reliable,” he said. “If you’re going to make the case that it should replace fiat currency, one thing you have to look at is the volatility of the U.S. dollar. You can’t replace it with something that’s nine sigma more volatile. It doesn’t work.

Palihapitiya added:

[Extreme volatility] pushes [Bitcoin] into this ghetto of day traders and speculators. And, right now, that’s where we are. We’re in that ghetto.

He wasn’t the only one who felt that Bitcoin could hit the 1 million dollar mark, so did Qiao Wang, a startup investor, and advisor.

Wang tweeted:

Lots of people think that Bitcoin’s total addressable market is ~$7T because that’s the marketcap of gold.

Problem is, with so much #brrr going on gold can easily triple from here.

So the digital gold thesis now puts Bitcoin’s TAM at ~$20T, or $1M per coin…

One can only imagine what this would do for those who have already bought into Bitcoin, they will be smiling all the way to the bank. It could also see more persons push to enter the market with the hope of obtaining huge profits, but time will tell.

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