Crypto Analyst Willy Woo Says Bitcoin Could Flip Gold in 2021
Popular crypto analyst and market commentator Willy Woo says bitcoin could flip gold’s market capitalization and become the primary financial hedge by the end of this year.
In a series of tweets, Woo explained that bitcoin is in position to carry out “#TheFlippening” in 2021, overtaking gold as the primary hedging asset. According to the on-chain analyst, only 40 percent of gold’s supply is available for financial use, with the majority being locked in jewelry and industry.
Woo calculated bitcoin’s price would need to hit $240,000 in order to flip gold’s financial use capitalization of $4.4 trillion.
Woo’s tweet came in response to a claim by bitcoin detractor and gold bug Peter Schiff, who said last week that gold constitutes a true store of value compared to bitcoin.
According to Schiff, investors buying gold today can sell their bullion in the future for use as a metal, as opposed to bitcoin which derives its value from market speculation.
Woo previously called a $100,000 price prediction for bitcoin “very conservative,” while saying the sweet spot in valuation was between $300k and $1 million.
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