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Market Extra: Bitcoin needs to be worth $1,000,000 to be a legitimate currency

Think bitcoin is in bubble territory? You ain’t seen nothing yet, says one cryptocurrency expert, who believes its value needs to surge by about 300 times over the next several years to be considered a legitimate currency or risk retreating into obscurity and obsolescence.

Bitcoin, the No. 1 cryptocurrency, has drawn outsize attention over its parabolic rise—and the recent, brutal plunge it has been enduring in recent trade.

Read: Why bitcoin may be worth only a third of its value

Some market participants, however, make the case that despite its roughly 260% year-to-date rise BTCUSD, -2.74% it has to clear a far more stratospheric value hurdle to evolve into a practical form of money alongside fiat units like the U.S.

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