Determining Bitcoin's value can be more complicated than simply looking at its current market price.
"Most Bitcoins already cost at least $100,000, but probably more like $10 million," said Michael Goldstein, also known as Bitstein, in an Aug. 17 tweet.
While Bitcoin sits around $12,000 at press time, many folks in the crypto industry likely value the asset at a much higher price tag. If someone buys a BTC at $10,000, but is unwilling to sell it until the asset reaches $100,000, then the price tag of that Bitcoin is naturally much higher than its current market value. This then begs the question: How many Bitcoin are currently worth $100,000?
"Most Bitcoins already cost at least $100,000, but probably more like $10 million," said Michael Goldstein, also known as Bitstein, in an Aug. 17 tweetgher valuation than current market prices indicate.
According to Goldstein, many of Bitcoin's largest bag holders value the asset between $100,000 and $10 million. These numbers sit in line with a bevy of price predictions from various authorities over the years.
On March 5, 2020, Bitcoine Max Keiser predicted Bitcoin shooting up to $100,000 in 2020 as fueled by COVID-19 repercussions. Other notable names across the industry also predicted prices above $100,000 for Bitcoin at some point.