Bitcoin ‘s gold-like ability to resist any form of seizure makes it a valuable asset for the long term, according to BCA Research, which calls for the world’s largest cryptocurrency to eventually rally to more than $100,000. “Gold and bitcoin are conceptually joined at the hip because the value of both comes from their non- confiscatability by inflation, by bank failure, and – in the case of bitcoin – by state expropriation,” Dhaval Joshi, the research firm’s chief strategist, said in a 15-page note. Joshi argued that bitcoin can’t be confiscated by inflation because of its controlled supply, while the failure of banks and other financial institutions wouldn’t lead to the custody of an investor’s crypto assets. Even in the event that a government bans bitcoin, it would not be confiscation as long as there remains a global network of bitcoin holders who value their tokens for its “non-confiscatability,” Joshi said. “The bitcoin price will rise well into the $100,000s as the market value for non-confiscatability grows substantially and bitcoin’s share of this market grows substantially,” Montreal-based BCA Research said. BTC.CM= YTD mountain Bitcoin Bitcoin hit a new all-time high above $73,000 on March 14, rising more than 70% this year. The introduction of U.S. spot bitcoin ETFs this year and the tightening bitcoin supply ahead of the late April ” halving ” have driven the price of the cryptocurrency up. Meanwhile, gold has also had a record-setting run. Bullion prices hit a record high of $2,365.09 on Tuesday. Bullion is considered by some investors a hedge against inflation and geopolitical uncertainties. “The sharp recent rallies in both gold and bitcoin reflect that the market has suddenly upped the value of non-confiscatability,” BCA said. — CNBC’s Michael Bloom contributed reporting.
