Bitcoin pioneer predicts $1T BTC market cap by 2022 or 'sooner'

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Bitcoin ( BTC ) hitting a $1 trillion market cap by 2025 is “conservative,” and those levels should hit in less than two years. That was according to Blockstream CEO Adam Back, who delivered a fresh bullish BTC price outlook on Monday. Back was responding to a report by Yassine Elmandjra, a crypto-asset analyst at investment advisor Ark, who in September forecast a Bitcoin market cap of $1 trillion to $5 trillion by 2030 at the latest. Ark is well known for its enthusiastic price forecasts for Tesla stock, which saw an almost unbelievable rise in 2020.“Conservative. I'd say #bitcoin likely sees $1 trillion market cap within 2 years, probably sooner. $1 trillion is about BTC $50k,” he said. As of October, Bitcoin’s market cap is just over $198 billion. For Back’s prognosis to come true, the market would need to see a 400% increase by 2022. For reference, at the start of October two years ago in 2018, the figure stood at $114 billion . BTC/USD traded at $6,600, two months before the pit of its bear market which bottomed out at $3,100. Bitcoin market cap historical chart. Source: CoinMarketCapFurther responses to Ark included on-chain data resource Ecoinometrics, which highlighted a $2 trillion Bitcoin market cap as equal to that of Apple. BTC/USD would trade at $100,000 under such circumstances, while to equal gold, the pair would need to reach $500,000. As Cointelegraph reported , Bitcoin price activity is currently much more subdued, with analysts expecting more sideways action to characterize the remainder of the year. At the same time,  anticipation is building over BTC/USD abandoning its correlation to traditional macro assets and rising in line with historical behavior — specifically centered on predictions from the stock-to-flow price forecasting models. Stock-to-flow calls for an average price of $288,000 during the current halving cycle, which began in May and will last until 2024.


All data is taken from the source: https://cointelegraph.com/
Article Link: https://cointelegraph.com/news/bitcoin-pioneer-predicts-1t-btc-market-cap-by-2022-or-sooner


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