Bitcoin is trading at record highs on Monday, but the cryptocurrency may still be far from hitting its ceiling.
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Bitcoin can get to $100,000 if it keeps following one of tech's golden rules
Since its inception it has doubled every eight months.
Bitcoin ATM.
It rallied 16.19% since July 31, despite last week's fork that split it in two. It's up 465% since last year.
According to analysis by Dennis Porto, a bitcoin investor and Harvard academic, bitcoin's price could hit $100,000 per coin if it continues to follow one of tech's "golden rules" — Moore's law.
The rule, which was devised in 1965 by Intel cofounder Gordon Moore, describes the exponential improvements of digital technology.
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Typically, however, the rule applies to a technology's computing power or capabilities. This is the first time Porto has noticed a technology's price following Moore's law.
Since bitcoin's inception, according to Porto, its price has doubled every eight months.
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Porto expects that this doubling trend could continue until bitcoin reaches mass adoption. Of course, another cryptocurrency could usurp bitcoin in the meantime.
By February 2021, Porto believes, it could be worth over $100,000.
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