CryptoQuant’s CEO, Ki Young Ju, identified a critical factor that could enable Bitcoin (BTC) 
$78,680 to reach the one million dollar mark. In a statement shared on the social media platform X (formerly Twitter), he suggested that this goal could be achieved once Bitcoin’s market value surpasses that of gold.
Competition Between Bitcoin and Gold
According to Ju, the world’s most valuable cryptocurrency, Bitcoin, will reach a one million dollar price point after it outstrips gold. Gold’s market value has increased from one trillion dollars in 2004 to 17.8 trillion dollars today.
Ju emphasized that it is inevitable for investors to shift from gold to Bitcoin as a safe haven asset. By assuming that gold’s intrinsic value stands at one trillion dollars, he noted that approximately 16.8 trillion dollars is directed towards gold as a safe asset demand.
“Bitcoin’s current market value is two trillion dollars, and if the demand for gold shifts to BTC, it could see a 750% increase, reaching a unit price of one million dollars. Considering inflation, Bitcoin reaching one million dollars seems certain; the only uncertainty is when it will happen.” – Ki Young Ju.
Future Expectations
Ju indicated that Bitcoin could alter gold’s role in the market and enhance the influence of cryptocurrencies in financial markets. He added that if Bitcoin reaches one million dollars, this advancement could create significant opportunities for market participants.
In light of these assessments, it would be beneficial for market participants to formulate their strategies by considering Bitcoin’s potential. Future price movements of Bitcoin should be closely monitored in relation to market demands and economic indicators.
