Having At Least 1 Bitcoin is Going to be a Major Status Symbol: Austrian Economist
Popular Austrian investment manager and economist Lawrence Lepard recently shared his bullish outlook on Bitcoin in an interview. He believes owning one whole Bitcoin (holding more than 1 BTC) will become a major status symbol in the coming years.
During this interaction, Lepard went on a major Bitcoin maximalist rant as he predicted that the premier digital currency could reach a $10 million valuation in the future. He also advised major hedge funds against shorting Bitcoin as it would obliterate their fortunes. Half of all top 30 American Hedge funds are now invested in BTC at some level, but their allocations will likely increase with time.
While a $10 million valuation for Bitcoin seems unlikely in the near future, Lepard predicts it will become a significant status symbol well before reaching such a high price point.
What is a Wholecoiner?
A “wholecoiner” is a term used in the crypto community for someone holding more than 1 Bitcoin. Estimating the number of wholecoiners is challenging, but analysts track their behavior to understand market trends.
According to data from Glassnode, more than 1 million BTC addresses now own more than 1 BTC in their wallets. So we already have approximately one million wholecoiners in the world right now, but the number may decrease with time as many short-term continue to cash out.
Currently, Bitcoin sits at over $61,000. While this may seem like a significant investment for some, Lepard argues that savvy investors can still benefit from Bitcoin’s potential future growth.
From Investment to Status Symbol:
At its current price, 1 BTC isn’t quite a status symbol in major financial centers. While it represents a potential growth opportunity for investors, it won’t buy you a luxury home in most top cities. It won’t buy you top luxury cars or even the most expensive experiences.
However, wholecoiners will likely achieve true prestige once Bitcoin surpasses $500,000. This valuation would allow for significant real estate purchases or ownership of most luxury cars. The 2024-2025 bull run might be too soon for this milestone, but by 2028-2029, it seems more achievable.
Bitcoin’s Future: Scarcity vs. Fiat:
Bitcoin’s limited supply and potential for manipulation of fiat currencies by governments position it for long-term gains against these traditional currencies. As the importance of fiat weakens, Bitcoin’s value, driven by its mathematical scarcity, is likely to continue appreciating.
