Crypto analyst and Twitter personality, PlanB, recently said Bitcoin is serious business as he recapped the asset's journey over the last decade.<\/p>\n
This thing is not a toy anymore,\" PlanB told Peter McCormack in a May 1 podcast episode. \"Its maybe not an asset anymore as well,\" he said, adding, \"It is going to be much bigger than that.<\/p>\n
PlanB is known around the crypto space for his stock-to-flow model. The model takes into account Bitcoin's block reward, or current inflation, and halving events, factoring those into the asset's price.<\/p>\n
According to that data, PlanB plotted a few future price targets for Bitcoin, ultimately showing the asset's potential for a $1 million price tag down the road.<\/p>\n
PlanB published an updated version of his model in an April 27 blog post, making gold and silver part of the equation, while taking the time component out.<\/p>\n
Referencing its early beginnings roughly a 11 years ago, PlanB said Bitcoin began its journey as a proof-of-concept, or PoC, for a peer-to-peer digital cash system. \"It was kind of a toy,\" McCormack said a description PlanB agreed with.<\/p>\n
PlanB noted Bitcoin did not even hold a $1 million dollar market cap in its first two years, although the landscape subsequently changed. \"Then came the transition,\" he said. \"It went from a toy, magical internet money, to dollar parity,\" he said, describing the credibility Bitcoin gained when it hit $1 per coin.<\/p>\n
The analyst explained Bitcoin's price and usage journey over the years, as its identity transitioned from a payment avenue, to a status similar to gold, to its current position as a financial asset.<\/p>\n
PlanB did mention the possibility of another transition, although he chose not to provide any speculation on what that might include exactly. The analyst and podcast host also dove into a bevy of other points and concepts in the hour-long podcast episode.<\/p>\n
With Bitcoin's halving quickly approaching, time will tell how the coin's status will change in the upcoming days.<\/p>\n
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