According to Chris Burniske a prominent investor, author, and partner at crypto venture firm, Placeholder VC, Bitcoin could reach a market cap of $1 trillion in the next bull run…
This tantalizing bit of bullish sentiment was conveyed through Burniske’s Twitter. Alongside a chart of the top 10 crypto assets market caps year to year since 2013 the investor noted that this continued year growth meant that BTC was bound to hit the trillion dollar mark sooner or later; and in Burniske’s opinion, during the next bull run.
— Chris Burniske (@cburniske) April 20, 2019
With Bitcoin’s current Market cap teetering around $93 billion, $1 trillion feels like a lifetime away.
Interestingly, the entire crypto market cap almost teased this seemingly insurmountable figure back during the last bull run in 2017/18, when it’s market cap reached a peak of around 835.69 billion. could BTC breach this on its own?
Burniske is not alone in his thinking, many prominent propagators of crypto have noted that Bitcoin has the potential to reach a valuation of $1 trillion.
A t-rex with lasers. pic.twitter.com/mbGmXh8AA7
— Rob P (@MrRobzilla) August 2, 2018
One notably bullish advocate of BTC, Tim Draper, stated last year that he expects Bitcoin to reach this figure ten times over, suggesting that Bitcoin could reach 10 trillion due to reduced use of fiat and a replacement by crypto:
I estimate that fiat currencies will actually decrease in use, and that crypto will become as much as $100 trillion of that market. I expect Bitcoin to be about 10% of that market, or $10 trillion (current market cap 112 billion). There is a lot of room to grow there.”
Another such bull is Mike Novogratz who told fellow Bitcoin bull Anthony Pompliano in an interview that BTC could beat gold’s market cap of 8 trillion, purely based on bitcoin rivaling gold’s utility as a store of value:
“Gold’s got an $8 trillion market cap, or a $7.5 trillion market cap. And so, we’re 100x off on that. We’re not going to get there in Bitcoin in the next year or two. But over a 20-year period, could that happen? Easily. Easily.”
Will we see BTC surpass 1 trillion any time soon? Let us know your thoughts below!
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