Tuesday, July 14, 2020

Chris Burniske: Bitcoin (BTC) Will Hit Market Cap of $1 Trillion in The Next Bull Run

Bitcoin’s performance in the month of April has given a lot of people in the crypto sphere confidence. From $4,200 as of April 1, it is currently trading at $5,500 with a market cap of $98 billion. There are predictions that it could even do better. Chris Burniske, for instance, a partner at Placeholder recently publicized that Bitcoin’s market cap could hit $1 trillion in the next bull run.

Chris Burniske Comments on Bitcoin’s Market Cap

On April 20, Chris Burniske tweeted to his 100,000 followers that after taking a look at the top 10 cryptocurrencies on the market the end of each year, he sees a possibility of Bitcoin hitting a market cap of $1 trillion on its own. Now, if Bitcoin must hit the target which Burniske has set, then it’s price must grow exponentially to $40,000 per coin.

Followers of the cryptocurrency enthusiast who made comments were quick to agree even though some are still adamant about that happening. A user pointed out that Bitcoin will have to triple its 2017 all-time high market cap of over $300 billion to align with the prediction. Another was of the opinion that Burniske’s stance of $1 trillion is quite conservative.

It Will be Mathematically Impossible for Bitcoin to Trade Below $1 Million

Asides from Burniske, other members of the crypto industry have also made comments. John McAfee, founder of the McAfee antivirus recently stated that it would be mathematically impossible for Bitcoin to trade below $1 million by 2020’s end. He had earlier said the bear market had been extended to its limit and now we can watch the arrow fly.

Bitcoin’s Market Cap to Hit $1 Trillion After May 2020

PlanB, a professional cryptocurrency trader also predicted that Bitcoin’s market cap will hit $1 trillion after its halving in May 2020. Back when the prediction was made, the virtual asset’s market cap was only $72 billion. PlanB also outlined that after May next year, 1 Bitcoin may be valued as high as $55,000.

Bitcoin’s Market Cap Can Surpass Gold’s in a Few Years

Mike Novogratz, CEO of Galaxy Digital also stated in March that Bitcoin’s market cap can surpass gold’s $8 trillion in the next 20 years from now. In another interview, the CEO further outlined that Bitcoin won’t hit a market cap of $20 trillion right away, it will be triggered by pension funds.

According to him:

Somebody who is a market leader, is going to say, you know what? We’ve got custody, Goldman Sachs is involved, Bloomberg has an index I can track my performance against, and they’re going to buy. And all of a sudden, the second guy buys. The same FOMO that you saw in retail

While each has spoken based on their analysis and review of the market’s past performance, Bitcoin’s future behavior is not dependent on either of these. It could go as they’ve predicted or the unpredictable market could once again rear its head.

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