Renowned billionaire Chamath Palihapitiya has raised his 2024 year-end target for Bitcoin, predicting that it will reach $500,000 by the end of the year. Drawing on historical data from previous halving cycles, Palihapitiya believes that the upcoming halving will serve as a significant catalyst for the price of BTC over the next 18 months.
Based on the growth rate of Bitcoin following past halving events, Palihapitiya foresees Bitcoin hitting $497,977 by October 2025. If the cryptocurrency follows a similar trajectory as it did after the second and third halvings, he suggests that the price could soar to $1.14 million.
Palihapitiya also anticipates a surge in BTC adoption beyond the historical model, pointing to the increasing number of countries embracing Bitcoin as a form of currency. He envisions a scenario where countries will integrate Bitcoin alongside their local currencies, using each for different types of transactions.
As Bitcoin continues to trade at $68,880, Palihapitiya’s projections highlight a potential upward trend for the cryptocurrency market. It remains to be seen whether his predictions will come to fruition, but the historical data and current market trends suggest a positive outlook for Bitcoin in the coming years.
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