Markets
Hugh Hendry Says Bitcoin Will Triple, Surpassing NVIDIA’s Market Cap
Celebrity investor Hugh Hendry has stirred up excitement with his bold Bitcoin prediction. In a recent Yahoo Finance podcast, he predicted that the cryptocurrency could triple in value, surpassing tech giant NVIDIA in market cap.
This optimistic outlook aligns with that of other market experts and fuels enthusiasm for the cryptocurrency’s long-term potential. Furthermore, it also comes amid BTC’s strong recovery after its recent decline.
Hugh Hendry predicts Bitcoin price to triple
In a recent Yahoo Finance podcast, Hugh Hendry expressed his bullish sentiment on BTC. He argued that in a world where everything seems overvalued, the flagship cryptocurrency stands out for its relatively low value. market capitalization.
“The total market capitalization of Bitcoin is about $1.3 trillion,” he said, arguing that it is much lower than that of gold, at $16-17 trillion, or US stocks, at $40 trillion. Hendry highlighted BTC’s potential for significant growth, drawing parallels with the 1980s when stocks were undervalued and thinly held.
Meanwhile, the celebrity investor’s prediction comes at a time when crypto is already showing signs of recovery. He believes that in an overvalued market, the flagship cryptocurrency offers a unique opportunity for substantial gains. “If Bitcoin tripled, it would reach NVIDIA’s market cap. It’s not impossible,” he explained.
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Market optimism soars
The bullish outlook has resonated with many investors looking for high growth opportunities in the cryptocurrency In other words, Hugh Hendry’s optimistic outlook echoes the sentiments of other market experts who see a bright future for BTC.
Growing interest in BTC ETFs and increased market participation indicate strong demand for the flagship cryptocurrency. As more institutional investors enter the market, the potential for significant price appreciation increases.
Meanwhile, the recent influx of investment in US Bitcoin ETFs highlights this trend. Investors are attracted to the high-yield potential of cryptocurrency, especially in a market where traditional assets appear overvalued.
Hendry’s comments reinforce the argument that cryptocurrency could see substantial growth in the coming years. He stressed the need for young investors to find assets with the potential for big gains, saying: “I need to make a lot of money. What’s the asset that could triple? It’s Bitcoin.”
In the meantime, Bitcoin Price The cryptocurrency’s price has increased by over 4% and crossed the $66,300 mark at the time of writing, with its trading volume increasing by 11% to $31 billion. The cryptocurrency has hit a low of $63,246 in the last 24 hours. Furthermore, the open interest (OI) of BTC futures has climbed by almost 6%, indicating a growing market interest in the flagship cryptocurrency.
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