Bitcoin has hit new highs this week, but it is not raising concerns of overvaluation among investors like regular stocks, a cryptocurrency executive suggested.
“Bitcoin is different,” Hunter Horsley, CEO of asset management firm Bitwise Invest, opined in a Nov. 9 , explained that this essentially measures a company's valuation and financial factors. performance.
People see BTC price rise as 'likely to succeed'
When it comes to stocks, “at some point people say, 'This is overvalued,' and interest wanes until the price goes down,” Horsley explained.
But without similar financial performance metrics, Horsley reiterated, “as the price of Bitcoin increases, people begin to think that Bitcoin is more likely to succeed and therefore become even more valuable.”
“Therefore, it is likely to rise further,” he asserted.
Bitcoin at the time of publication BTCUSD It is trading at $77,310, representing an increase of 13.52% over the past seven days, according to CoinMarketCap data.
During the US presidential election trading week (November 4-8), US Spot Bitcoin ETFs recorded total inflows of approximately $1.63 billion, according to Pharcyde data.
Other Bitcoiners share similar sentiments, and there is no fear of overvaluation as the asset continues to trade above its March all-time high of $73,679.
ProBitcoin author and entrepreneur Robert Kiyosaki has claimed that he intends to purchase an additional 27 Bitcoins by November 2025, regardless of price. rich dad, poor dad The author said in a November 9 post on X:
“Currently, I own a total of 73 Bitcoins. A year from now, I intend to own 100 Bitcoins, regardless of the price.”
“I bought my first Bitcoin for $6,000 and now I keep getting it for $76,000,” Kiyosaki added.
10T Holdings founder Dan Tapiello added: “It's still perceived as an early-stage asset even though it's not.” In October, Tapiello said Bitcoin would be worth $100,000 regardless of who wins the US election.
Bitcoin’s momentum is expected to continue
Meanwhile, capital market commentator Infra pointed out that raising capital at the market (ATM) could further dilute a company's stock valuation, which is not possible with Bitcoin. Ta.
“If the price of Bitcoin increases, no one can make any more money. The only way to increase supply is to increase the price,” they said.
After Bitcoin hit a new all-time high on November 5th, analysts declared that Bitcoin shows no signs of overheating from a core analysis perspective.
“From a fundamentals perspective, the market doesn't appear to be overheating,” Alex Thorne, Galaxy's head of research, said on Nov. 7.
“Bitcoin's rise above all-time highs with heavy volume is a clear sign of continued positive momentum post-election,” said Aurélie Bartel, an analyst at crypto analysis firm Nansen. ” he said.
