Thursday, November 14, 2019

Anthony Pompliano: Bitcoin’s Market Cap Can Reach $5 trillion by 2024

Grace Joseph
Freelance Writer, Blogger, and Crypto Enthusiast. Studied Computer Science in University and Undergoing a Masters Degree Programme in Computer Engineering [email protected] [email protected]

Bitcoin’s upward price trend in the past few weeks and the last few days has been remarkable. As of April 23, its market capitalization surged to $99.3 billion almost hitting $100 billion. Anthony Pompliano, the co-founder of Morgan Creek Digital Assets believes that we can look forward to something better in the next five years and that is whooping $5 trillion market cap.

Bitcoin, the Only Crypto with the Realistic Chance of a 20 to 50 Increment

In a Tweet on April 22, Anthony Pompliano stated that Bitcoin is the only cryptocurrency that has the realistic chance of hitting 20 to 50 times its current market cap over the next five years. If we do the math right, that would give Bitcoin a market value of $5 trillion which is comparable to gold’s current $7 trillion.

In line with that, the price of one Bitcoin will have to spike as high as $110,000 and even $275,000 by 2024 in order for Pompliano’s prediction to come into play. If that’s the case, then it is a long way from the $5,600 price tag of the virtual asset as at press time.

Pompliana also said:

To believe in Bitcoin’s future prospects, you just have to believe that (1) supply / demand economics are valid and (2) demand will increase in the future.

Chris Burniske Predicts Bitcoin’s Surge in Market Value to $1 Trillion

Like Morgan Creek Digital Assets’ co-founder, Chris Burniske, a partner at Placeholder recently outlined that Bitcoin’s market cap can surge on its own to $1 trillion in the next bull run. The Bitcoin enthusiast said he had made comparisons between the top 10 cryptocurrencies at the end of each year to arrive at the value.

Casares Advices Investors to Make Bitcoin 1% of Their Portforlio

Another prediction that is worthy to note is one from Wences Casares, CEO of Xapo and PayPal’s Director. Casares in an essay in March advised investors to make Bitcoin 1 percent of their portfolio. In his opinion, if the cryptocurrency devalues, then the investor will only suffer a 1 percent loss. On the other hand, if it spikes to over $1 million per coin in the next 7 to 9 years, then the same portfolio would’ve incremented to over twice its original value.

Casares also believes that if Bitcoin succeeds, then it has the potential to become the global standard of value. if that happens, its market cap could also increment to surpass that of gold. Nonetheless, it will still be less than that of fiat currency whose value is $40 trillion.

PlanB Predicts Bitcoin’s $1 Trillion Market Cap After May 2020

PlanB, a professional cryptocurrency trader’s stance is not far from the ones outlined above. According to PlanB, Bitcoin’s price after its halving in May 2020 could hit $55,000. Its market cap after that time can also increment to $1 trillion and each of these can be attributed to its limited supply and people in countries with negative interest rates or predatory government adopting the virtual asset.

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