Bitcoin's market cap could hit $1 trillion in 2021
Tuesday, 12 22 2020, Category: Technology, Country: World
Bitcoin's market cap could reach $1 trillion sometime in 2021 as investors take its reserve currency status more seriously, according to Garrick Hileman, head of research at Blockchain.com.
Major institutional players like Stanley Druckenmiller, BlackRock, Bill Miller, and Jack Dorsey have acknowledged that bitcoin is not only going away, but is becoming a reserve asset and validating the digital gold thesis, Hileman said.
Bitcoin has a current market cap of about $350 billion, while that of gold's stands at roughly $10 trillion. This week the cryptocurrency gained 12% over two days alone, and was trading at $22,994 on Saturday.
"My expectation is that bitcoin will become a trillion dollar asset as early as next year," the crypto researcher told Business Insider.
Source: Business Insider