The stock market has gone wild in the last few days with many of them reaching record highs in gains. A look at the stock returns over the past decade reveals that stocks like those of Netflix, Amazon, and Mastercard have reached well over a 1000% gains during this time. While this is quite impressive for the stock market, a cryptocurrency trader and analyst, Josh Rager sees the possibility of similar gains occurring for Bitcoin.
Josh opined that despite Bitcoin’s currently discouraging price performance, it can potentially reach similar gains and within a shorter time frame than the stock market. In a Twitter post, he wrote:
“As amazing as these stock returns are, there is a potential opportunity to have similar gains with Bitcoin even at its current price: $7000’s
Potential 1000+% returns, not only over the coming decade, in the next few years if we see $BTC hit between $75k to $100k+
One can hope”
Bitcoin and the stock market have historically moved in the opposite direction with Bitcoin losing price as the market booms. This is not an exception as Bitcoin and indeed the entire cryptocurrency market has been struggling to stay afloat even prior to the stock market rally. Within the ten years of its existence however, Bitcoin has recorded a higher cumulative gain than most assets in the traditional markets.
Rager believes Bitcoin still holds the potential to explore much higher prices in the next few years that will surpass the current rally in the stock market. Meanwhile, the halving which is coming in May 2020 is believed by many to be a potential price push as the Bitcoin supply will be cut by half which will potentially make it more limited.
It remains to be seen though what happens between now and when the halving happens. Bitcoin bulls such as John McAfee believe Bitcoin will hit $1 million by 2021. If this comes true then the cryptocurrency market will be doing more than even Rager can imagine right now.