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$1 million bitcoin price 'on the table' after halving, mining CEO says

Apr 25, 2024
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$1 million bitcoin price 'on the table' after halving, mining CEO says

The notion of bitcoin reaching $1 million often raises skepticism, but during a recent discussion hosted by Roundtable anchor Rob Nelson, this ambitious valuation was the focus, featuring the insights of Rob Chang, CEO, president and director of Gryphon Digital Mining (GRYP).

Their conversation not only dissected the feasibility of such a price target but also delved into bitcoin's evolving role beyond its traditional boundaries.

Nelson set the tone with a candid skepticism about astronomical valuation forecasts for bitcoin.

"When people say, 'I can see it hitting a million,' I often stop and think — are they just smoking something? Because that's a big number," he said, challenging the optimism surrounding bitcoin's future price.

Chang countered this skepticism by emphasizing the importance of a long-term perspective. He conceded that reaching $1 million represents a more than tenfold increase from current levels, but he remained optimistic about bitcoin's prospects within a five-year timeframe.

"In a few years, four or five, I think that's definitely on the table," Chang said. "By the end of this year, though, that's extremely unlikely."

The dialogue then shifted toward a more nuanced consideration of timing, with Nelson clarifying his interest in a medium-term outlook. This recalibration led to a consensus that a half-decade could indeed see bitcoin approaching the $1 million mark, given certain economic dynamics and broader adoption trends.

Further exploring the underpinnings of potential price growth, Chang pointed to the history of bitcoin halving events and their historical impact on prices.

"With the halving, historically, prices double anyway, so that forces it, but there's going to be more global adoption," he noted.

Nelson broadened the discussion to consider bitcoin's utility, pondering its application in areas like digital identity verification and protection against fraud such as deep fakes.

"To me, bitcoin's blockchain provides a really unique relationship to verification around," he suggested, positing that bitcoin's foundational technology could extend its relevance far beyond its current use cases.

Echoing Nelson's sentiments, Chang elaborated on the strategic significance of leveraging bitcoin's robust blockchain infrastructure.

"Using bitcoin for more than just value transfer has always been the plan... It makes sense to build off the bitcoin blockchain for verification because of its transparency and the permanent nature of its records," Chang affirmed.

As the conversation turned to the implications of these extended utilities for bitcoin's value, Nelson proposed that bitcoin’s integration into more mainstream technology and daily transactions could fundamentally enhance its valuation.

"Now it's like Microsoft, it's going to be playing a role in our lives one way or the other, so its value keeps going up," he conjectured, drawing parallels with major tech corporations.

Watch the full discussion here:

Interested in learning more?

Download a copy of our investor presentation to learn more about Gryphon Digital Mining and our plans for the future of sustainable Bitcoin mining.