Hugh Hendry Says Bitcoin To Rise 3X Surpassing NVIDIA Market Cap
Highlights
- Celebrity investor Hugh Hendry predicts a 3X surge in Bitcoin price.
- He further said that the potential BTC surge could help it to cross NVIDIA's current market cap.
- The prediction comes amid robust recovery in Bitcoin price, crossing the brief $66K mark.
Celebrity investor Hugh Hendry has stirred excitement with his bold prediction for Bitcoin. In a recent Yahoo Finance podcast, he forecasted that the crypto could triple in value, surpassing the market capitalization of the tech giant NVIDIA.
This optimistic outlook aligns with other market experts and fuels enthusiasm for the crypto’s long-term potential. Besides, it also comes amid a robust recovery in BTC from its recent dip.
Hugh Hendry Predicts 3X Surge In Bitcoin Price
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 crypto stands out due to its relatively small market capitalization.
“Bitcoin’s total capitalization is around $1.3 trillion,” he stated, saying that it is much smaller compared to gold at $16-17 trillion or US stocks at $40 trillion. Hendry highlighted the potential for BTC to grow significantly, drawing a parallel to the 1980s when stocks were undervalued and not widely owned.
Meanwhile, the celebrity investors’ prediction comes at a time when the crypto is already showing signs of recovery. He believes that in an overvalued market, the flagship crypto offers a unique opportunity for substantial gains. “If Bitcoin tripled, it would reach the market cap of NVIDIA. It’s not impossible,” he explained.
Also Read: UK To Follow Germany’s Bitcoin Dump Move? More BTC Dip Ahead?
Market Optimism Soars
The bullish perspective has resonated with many investors looking for high-growth opportunities in the cryptocurrency space. In other words, Hugh Hendry’s optimistic view echoes the sentiments of other market experts who see a bright future for BTC.
The growing interest in BTC ETFs and increased market participation indicates robust 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 into U.S. Bitcoin ETFs underscores this trend. Investors are drawn to the crypto’s potential for high returns, especially in a market where traditional assets appear overvalued.
Hendry’s comments add weight to the argument that the crypto could see substantial growth in the coming years. He emphasized the need for young investors to find assets with the potential for large gains, stating, “I need to make big bucks. What is the one asset that could triple? It’s Bitcoin.”
Meanwhile, Bitcoin price was up over 4% and crossed the $66,300 mark during writing, with its trading volume rising 11% to $31 billion. The crypto has touched a low of $63,246 in the last 24 hours. Besides, BTC Futures Open Interest (OI) soared nearly 6%, indicating growing market interest towards the flagship crypto.
Also Read: Grayscale Issues Important GBTC Spinoff Update
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