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A few days ago I announced that the price of Bitcoin was about to breakout from a bull flag pattern. The breakout has taken place in the last few hours and the price of Bitcoin is now very close to a new All-Time High (ATH).
After reaching $66.4K, the price of Bitcoin is now around $65.6K. This gives us a market cap of $1,238 billion for the king of digital currency.
Such a market cap brings the price of Bitcoin a little closer to the market cap of money. It's a flippening that not many people are talking about since everyone is focused on gold's market cap, but it will be a symbolic first threshold that Bitcoin will soon pass.
As a reminder, the market cap for silver is currently $1,371 billion. Bitcoin will achieve this first flippening during November 2021 in my opinion. For this to happen, the price of Bitcoin must exceed $72.6K. Since I see the price of Bitcoin heading towards $75K-80K by the end of the month, I am relatively confident that this will happen.
Currently, Bitcoin's market cap is just over 90% of silver's:
Once Bitcoin's market cap has surpassed that of silver, it will then be time for Bitcoin to move towards the great goal of the decade that has just begun: to surpass gold's market cap.
Bitcoin is a much better store of value than gold in a future world where everything will become digital. Yet only a tiny fraction of the world's population has opened its eyes to the incredible characteristics of Bitcoin.
Bitcoin has invented digital scarcity. Its supply will remain limited to 21 million units no matter what. As long as you have the private keys associated with your Bitcoin, no one can censor you in your use of Bitcoin. No one can even take away the fruits of your labor stored in the world's most secure decentralized network.
No one is asking you to take my word for granted since you can (and should) check the Bitcoin source code for yourself. Bitcoin is an open LEDGER available to everyone. You don't need permission in the Bitcoin system. You can become a node on the network and determine for yourself what the truth is.
By running a full node on the Bitcoin network, you will reach the maximum level of self-sovereignty. You'll be able to live your life on your own terms without revealing your identity since the Bitcoin network is pseudonymous.
Best of all, every unit of Bitcoin is fungible. Finally, every transaction you make is irreversible. So it's up to you to take responsibility for how your money is used. The main reason Bitcoin makes you responsible is that it gives you power over your wealth. With such great power comes great responsibility.
Final Thoughts
The market will continue to appreciate all of Bitcoin's qualities over the next decade. Demand will increase dramatically, even though Bitcoin currently has “only” 130 million users. That's a lot in just twelve years of existence, but it pales in comparison to the influx of users we will see in the future.
If the Bitcoin market cap will soon be the same as the silver market cap, it will just be the beginning. The next step will be the flipping of the market cap of gold, which will see an x10 increase in the price of Bitcoin over the next decade. Those who are patient will be among those who will benefit the most.
In Bitcoin We Trust Newsletter: Everything around Bitcoin, Blockchain, and the cryptocurrency market
