Is Bitcoin the ‘New’ Apple? Could the price touch $60,000 by the end of 2023
Jamie Green – Cryptocurrency Specialist
Even though in 2020 smartphones are a common item, their growth rate over their first two years was only 20% per yar. Over the course of five years, the industry saw a growth rate of 50%, indicating that the technology had reached a broader category of users as it became more accepted.
Apple launched the original iPhone back in 2007. Upon its launch it successfully sold more than 300,000 units on the very first weekend. The iPhone 3G came a year later and it had a record sale of one million units in its first weekend. Considering this, you would expect a stable and steady stock price for Apple (AAPL), but this was not the case. During early 2008, the price of AAPL dropped from $28 to $18 in less than a month. The shares consistently underperformed, and apple smartphones struggled to penetrate new markets.
According to recent poll results, around 11% of US citizens own Bitcoin whether through mining or buying and selling cryptocurrency. This is surprisingly like the smartphone penetration back in 2008. You can find similar trends in the price volatility of Bitcoin. Although Bitcoin is a highly innovative technology that comes with an indisputable set of advantages, it still must prove that it is worth a trillion dollars.
In 2010, Apple launched its iPhone 4 and that's when things started getting favorable for AAPL. This new and improved smartphone finally allowed them to cater to a new market. Apple shares skyrocketed by 520% and reached $78 in 2012. Apply a similar growth pattern to Bitcoin and you will reach a price of around $59,900 by 2023. Positive news for those who buy and sell Bitcoin as well as those who have been doing large Bitcoin investing. This can amount to a $1.1 trillion market capitalization by the end of 2023. Is this projection incredibly unreasonable? Only time will tell.