Bitcoin Can Take 50% of Gold's Market Share, Hit $250,000

Bitcoin gained fresh rare support from mainstream media on Dec. 20 after CNBC entertained the idea of a $250,000 in the coming years.

In an episode of the network's Fast Money segment, several well-known Bitcoin bulls collaborated to present a buoyant picture of the cryptocurrency's future.

Kelly sympathizes with Draper's Bitcoin price prediction.

Kelly highlighted the fact that those levels fit with a price channel Bitcoin had maintained since 2013.

Were it to get there, Bitcoin would have a market cap around 50% that of the world's combined gold supplies, or $4.5 trillion.

As an investment, Bitcoin has already outperformed gold by several orders of magnitude this decade.

"I think Tim Draper thinks - and I certainly have some of his views - that Bitcoin is going to take market share from gold," Kelly continued.

While none of the predictions amount to anything new, CNBC's willingness to present a bullish view of Bitcoin after weeks of price decline marks a contrast with other mainstream outlets.

On Wednesday, the New York Post claimed Bitcoin prices had "Collapsed during the holiday season."

As Cointelegraph meanwhile reported, sentiment in trading circles roughly equates to the bottom of Bitcoin's bear market at exactly this time in 2018.