Crypto analyst and Twitter personality, PlanB, recently stated that Bitcoin is a serious business, summarizing the asset journey over the last decade.
“This is no longer a toy ,” PlanB told Peter McCormack in an episode of the May 1 podcast. “Maybe this is no longer an asset,” he said, adding: ” It will be much more.”
PlanB has created a concept for Bitcoin growth over its offering
PlanB is known around the crypto space for its stock-to-flow model. The model accounts for the blockchain prize of Bitcoin or current inflation and halving events, accounting for them in the asset price.
According to these data, PlanB forecasts several future price targets for Bitcoin, ultimately showing the asset’s potential to reach a price of $ 1 million.
PlanB has published an updated version of its model in a blog post dated April 27th, with gold and silver being part of the equation while subtracting the time component.
Bitcoin started out as a toy
Referring to its early beginnings about 11 years ago, PlanB said that Bitcoin began its journey as a proof of concept, or PoC, for a digital cash system. “It was kind of like a toy ,” McCormack said – a description PlanB agreed to.
PlanB noted that Bitcoin did not even hold a $ 1 million market cap in its first two years, although the landscape changed subsequently. In his words: “Then came the transition .” ” This went from a toy, magic money on the internet, to dollar parity ,” he said, describing the faith that Bitcoin earned when it struck $ 1 on a coin.
The analyst explained Bitcoin’s pricing and usage over the years, changing its identity from a payment system to a gold-like status, to its current position as a financial asset.
PlanB mentioned the possibility of another transition, though it chose not to speculate exactly what this might involve. The analyst and presenter immersed themselves in many points and concepts in the one-hour podcast episode.
With the fast approach of Bitcoin halving, time will tell how the status of the coin will change in the coming days.