“Bitcoin’s Market Cap Will Go To The Trillions Range,” Analyst Calls Long Term BTC Value

Bitcoin

“Bitcoin’s Market Cap Will Go To The Trillions Range,” Analyst Calls Long Term BTC Value

Crypto analyst Gabor Gurbacs, director at VanEck compares Bitcoin (BTC) to gold stating the top crypto could be headed to a trillion-dollar market capitalization in the near future even without reaching the “mass adoption” numbers publicized over the past few years.

In the past few weeks, the price of Bitcoin has been on a steady rise to $9,700 since hitting its year-to-date low of $3,800 earlier on March 12 leading to increased focus and media attention on BTC as it targets $10,000.

Bitcoin’s Growing Cohort Of Famous Followers

Over the weekend, the cryptocurrency Twitter community was set ablaze by Harry Potter’s legendary author, JK Rowling and Tesla’s and Space X founder and CEO, Elon Musk, exchange on Bitcoin. After a number of back and forth angling tweets from the author and the community, it is becoming clear that one of the major challenges that the currency faces in adoption is – education of the non-believers.

Despite the digital coin’s deficiencies in widespread education, a crucial component in boosting participation in the currency, Gabor Gurbacs, CEO, digital asset strategist/director at VanEck and cryptocurrency analyst believes BTC is not meant for everyone.

‘Bitcoin Will go to The Trillions Range’

On the possible future of Bitcoin, Gabor believes the top crypto is headed in the right direction as he compared to it to gold’s current low preference across portfolios. According to BMG Group reports, in 2016, only 0.51% of gold was held as a percentage of the overall financial assets with equity and debt flooding the financial markets.

Gabor said,

“Only roughly 1% of portfolios hold #gold and gold market cap is in the $8 trillion range!”

Given the current massive growth in Bitcoin’s price over the past decade in existence – with only about 640 million total addresses ever created – BTC offers huge promise even if the adoption remains moderate in the coming years. Gabor said.

“It’s not absurd to believe that Bitcoin will go to the trillions range even with moderate adoption.”

Summary
“Bitcoin's Market Cap Will Go To The Trillions Range,” Analyst Calls Long Term BTC Value
Article Name
“Bitcoin's Market Cap Will Go To The Trillions Range,” Analyst Calls Long Term BTC Value
Description
Crypto analyst compares Bitcoin (BTC) to gold stating the top crypto could be headed to a trillion-dollar market capitalization in the near future even without reaching the “mass adoption” numbers publicized over the past few years.
Author
Publisher Name
Coingape
Publisher Logo
Coingape is committed to following the highest standards of journalism, and therefore, it abides by a strict editorial policy. While CoinGape takes all the measures to ensure that the facts presented in its news articles are accurate.
Disclaimer The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.
Author: Lujan Odera

Been in the field since 2015 and he still love everything blockchain and crypto! FC Barcelona fan. Author and journalist. Follow him at @lujanodera.

Post your comment...
Lujan Odera 384 Articles

Been in the field since 2015 and he still love everything blockchain and crypto! FC Barcelona fan. Author and journalist. Follow him at @lujanodera.

Follow Lujan @