In theory, Bitcoin’s upper limit, according to Woo, could reach $24 million. However, for this to happen, the entire global asset wealth of $500 trillion would need to be invested in Bitcoin, which Woo states “will never happen.”
Woo referenced Fidelity’s recommendation to allocate 1-3% of funds into Bitcoin. However, he reminded his followers that BlackRock has invested 85%. While 3% is considered a “reasonable allocation” (a figure dating back to 2014), the lower range of valuation for Bitcoin is $700,000.
In his tweet, Woo discussed the feasibility of institutional investors worldwide allocating funds to the largest cryptocurrency. He believes this is predictable because “money flows conservatively.”
The trading expert claims that, based on “simple math,” the lower range for Bitcoin is $700,000, while the upper range is $24 million per Bitcoin. However, he immediately stated that $24 million “will never happen” because, for this to occur, all global asset wealth of $500 trillion would need to be invested in Bitcoin.
How High Can Bitcoin Go According to Woo?
Woo suggested two levels: a minimum and a maximum, depending on how much of the global wealth assets will be allocated to Bitcoin.
Renowned trader and cryptocurrency entrepreneur Willy Woo took to social media to discuss with his audience how high Bitcoin’s price could go in the long term.
According to the S-curve adoption chart, global Bitcoin adoption has so far reached 4.7%. Woo mentioned that when it enters the range between 16% and 50%, the price will reach the aforementioned levels.
What Could Surpass Bitcoin in the Future?
Woo stated that once Bitcoin’s market value surpasses all fiat currencies in the world (due to rising prices), investors will stop focusing on Bitcoin’s final price because this is a “paper mentality based on current realities.”
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Investors will then begin to look for assets that “can outperform Bitcoin.” These assets will primarily be stocks of companies that will store their profits in Bitcoin.
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