U.Today – In a recent tweet, Jeremie Davinci, an early adopter and millionaire of the cryptocurrency, revealed a scenario of how BTC can rise to approximately $350,000, without giving any specific time frames for it.
Davinci listed an important Bitcoin metric that he used when coming up with his Bitcoin price outlook.
Bitcoin can reach more than 5 times the cost of mining BTC, according to Davinci
Davinci stated that currently it costs miners roughly $70,000 to produce one Bitcoin, and they have better equipment and often use cheap electricity to mine.
A crypto influencer revealed that in past bull markets, Bitcoin managed to rise more than 5 times the cost of mining BTC. Therefore, taking into account that currently miners spend $70,000 to mine one BTC, the price of the largest cryptocurrency could jump to as much as $350,000 in the future if the bullish scenario described by Jeremie Davinci plays out. “Huge potential ahead of us!” he stated while talking about the price of Bitcoin. At the time of writing, Bitcoin was trading at $94,420.
Bitcoin is crashing, great news, says Robert Kiyosaki
Earlier this week, well-known investor and author of the popular financial management skills book “Rich Dad Poor Dad” Robert Kiyosaki took to the X platform to publicly celebrate the fall in the price of Bitcoin as it fell below $96,000 from around $102,000.
At the time, Kiyosaki tweeted that he thought the news of Bitcoin’s decline was great. The financial guru explained his joy by saying that bitcoin has been put into action and it is now possible to start buying it at a huge discount.
He also reminded the community that almost 20 million Bitcoins out of 21 million have already been mined, leaving less than 2 million BTC for miners to produce. After the April 2024 halving, the Bitcoin block reward is 3.125 BTC. The final Bitcoin, according to Satoshi’s plan, should be mined in 2140.
