Bitcoin (CRYPTO: BTC) remains in accumulation territory, according to both market models and institutional voices, as former PayPal president David Marcus said the cryptocurrency is "still severely undervalued" and could eventually match gold's $1.3 million equivalent value per coin.
Former PayPal Chief Says Bitcoin Is ‘Still Early'
Speaking live on Bloomberg on Oct. 7, Marcus said Bitcoin's long-term potential has barely been priced in, especially when compared to gold's market capitalization.
"If Bitcoin was worth as much as gold, it would be $1.3 million per Bitcoin," Marcus said.
"I think it's just a matter of time. The utility phase of Bitcoin as a neutral settlement network and asset for global payments hasn't been priced in at all."
His remarks come as Bitcoin trades around $124,700, consolidating after a strong quarter marked by institutional inflows and broader digital asset adoption.
Rainbow Chart Signals Undervaluation
BTC Rainbow Price Chart Indicator (Source: Coinglass)
The Bitcoin Rainbow Price Indicator, a long-term logarithmic regression model that tracks Bitcoin's historical price cycles, shows BTC still sitting in the "BUY" / "Accumulate" band — typically a zone that has marked early stages of prior bull markets.
As of Oct. 6, the indicator placed:
- BTC Price: $124,774
- BUY / Accumulate Zone: $104,584–$143,573
- Bubble Territory: Begins above $260,000, topping at $903,000
This suggests Bitcoin remains far below its long-term fair regression levels.
Historically, similar positioning within the green-blue bands has preceded multi-cycle uptrends leading into peak phases.
Undervaluation Narrative Gains Ground
The chart's structure implies BTC is still early in its expansion curve.
With upper regression bands projecting between $260,000 and $900,000, long-term models suggest significant headroom before entering overheated territory.
Market sentiment echoes this thesis.
Institutional buyers have continued accumulating through spot ETFs, while long-term holders now control the highest share of supply on record.
Combined, these factors reinforce Marcus' assertion that Bitcoin's true value as a "neutral financial network" remains underestimated.
Why It Matters
Bitcoin at $124,000 feels expensive, but models still place it inside long-term accumulation zones.
These zones previously aligned with $200 in 2013 and $4,000 in 2017 before historic multi-year rallies followed.
David Marcus' gold comparison implies Bitcoin is valued at only a fraction of traditional safe-haven assets.
ETF inflows and record long-term holder supply suggest scarcity is rising faster than price acknowledges.
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