Bitcoin's estimated fair value at $230,000 thrives amid prospects of sovereign debt default, as per Bitwise's analysis.
Revamped Article:
Title: Bitwise Predicts Brighter Future for Bitcoin as Debt Levels Mount
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Bitwise, a crypto asset manager, reckons the possibility of countries defaulting on their debts could propel Bitcoin to phenomenal heights. In a recent report, Bitwise analysts shared their thoughts that soaring debt levels worldwide and the increasing likelihood of sovereign default might skyrocket Bitcoin's value to a whopping $230,000 - that's over 110% more than its current price!
"With some quantitative models projecting Bitcoin as an alternative 'portfolio insurance' against mass sovereign defaults, we estimate its hypothetical 'fair value' considering current default probabilities around $230,000 today.
A heightened scarcity of Bitcoin also points towards a price surge towards $200,000 by year-end."
Bitwise also suggests that the US' mounting debt level may lead to the devaluation of the dollar, making Bitcoin an attractive option for wealth preservation.
"We anticipate that the US fiscal debt scenario will likely worsen over the coming years, with net interest expenses tripling towards the end of this decade already - surging from ~$1 trillion to ~$3 trillion by 2030. Non-discretionary government outlays - mandatory expenses like interest payments, social security, unemployment insurance, etc. - already trump fiscal revenues."
Currently, Bitcoin is trading at a cool $109,467.
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- Investors might find altcoins appealing as a potential 'portfolio insurance' against the increasing likelihood of sovereign defaults, similar to Bitwise's estimate for Bitcoin at $230,000.
- The Bitwise report also suggests that the US' mounting debt level may impact the value of traditional finance, making cryptocurrencies like Bitcoin a viable option for wealth preservation.
