Bitcoin analyst Willy Woo is outlining why he believes BTC is a significant advancement in the history of money.
Woo, who earlier this week said Bitcoin whale movements are signaling a bottom, maps out why he believes BTC is reinventing the monetary system.
Calling Bitcoin the type of event that happens just once in 10,000 years, Woo says the flagship cryptocurrency will reshape the monetary system as much as the advent of currency did in the agrarian age.
“The monetary base of civilization is about to be reset. More than reset – reinvented. People are looking at this as… Reinventing money – money gets reinvented every, roughly, 100 years. If you look at when money was invented, it was the agrarian age, so we shifted from not trading to actually using money in agriculture…
I think this is the same thing. We’re going from this kind of industrial age to a digital age, but, you know, it’s the real first reinvention of money since the agrarian revolution. It’s a one-in-10,000-year event.”
Believing that Bitcoin is the future of money, Woo expects BTC to reach $1 million per coin in the future.
“Dan Held is calling this a supercycle. I’m thinking this might be the last cycle. Meaning, at this point, Bitcoin doesn’t see this very strongly imprinted four-year cycle, and we do more of a random walk, and it’s highly correlated to macro, and we just random walk all the way up to a million dollars in a few years…”
Referencing PlanB, a crypto analyst who uses the stock-to-flow (S2F) price model to predict Bitcoin’s short-term and long-term trajectories, Woo says he’s on board.
“The top earner is roughly one-to-one to world GDP in market cap, which, is what, a $100 trillion? I think I concur with PlanB. PlanB is $100 trillion.”
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The post Here’s Why Bitcoin Is the Reinvention of Money, According to On-Chain Analyst Willy Woo appeared first on The Daily Hodl.
