BTC could add $ 9 trillion to the market capitalization
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Thomas Farley, a former chairman of the New York Stock Exchange, said bitcoins could cope with a market capitalization of $ 10 trillion in gold for the foreseeable future.
Farley, the current chairman and CEO of Far Peak Acquisition Corporation, made a statement explaining that he thinks gold is at the upper end of its market capitalization of around $ 10 trillion and that BTC could reach the same value. But if it is to reach that level, “it will have to be a more accepted form of payment.”
Farley does not spare optimism
Farley further noted that he considers bitcoins to be a “trillion dollar market” today because the cryptocurrency is still very young, so high volatility can be expected for at least the next five years. Concerned about energy consumption concerns, Farley said blockchain technology inherently increases efficiency and that cryptocurrencies also bring the planet gains in energy efficiency.
It is worth recalling here that bitcoins reached a historical capitalization of $ 1 trillion in May, while the entire cryptocurrency market reached $ 2 trillion. Although after this period, the market value of BTC and all cryptocurrencies dropped significantly during what some analysts call a market correction, while some already speak directly of a bear market. The current market capitalization of bitcoins and other altcoins is approximately $ 595 billion and $ 685 billion, respectively (at the time of writing).
In particular, Bitcoins have reached a market capitalization of $ 1 trillion faster than many top-rated companies, including Apple, Microsoft, Amazon and Google, and achieved this success in just 12 years, while Apple has achieved the same result in approximately 24 years.
Other professional investors have a similar outlook for BTC as Farley. One such investor is Cathie Wood of Ark Invest, who is also very optimistic about BTC and thinks that bitcoins will eventually become a market with a market capitalization of $ 10 trillion as the cryptocurrency has moved “from the edge of global finance to the mainstream.”
And what about other altcoins?
While BTC is currently the first and only digital currency to reach a market capitalization of $ 1 trillion in its history, several other altcoins are also heading for this milestone. Among the altcoins that could reach this goal, he named ETH, Cardano and XRP of Ripple, where ETH is ahead of the others.
Grant Whitlock, head of trading at British digital asset broker GlobalBlock, even said that ETH is likely to overtake BTC as the most valuable cryptocurrency because it has very strong “foundations and fundamentals” and will soon have (according to it) a market capitalization of $ 1 trillion.
Conclusion
Although the cryptocurrency market is not experiencing its best period now, I have no major concerns about it in the long run. However, look at the chart where the price of BTC was, for example, a year ago.
