The cryptocurrency investor and entrepreneur Chris Burniske, believes Bitcoin could reach $1 trillion in the next bull market. Bruniske is also the former crypto lead at ARK Invest and partner of the crypto venture capital firm Placeholder. Bitcoin’s market capitalization has been growing over time over the past years.
Bitcoin Could Reach $1 Trillion Market Cap
Back in December 2017, Bitcoin reached an all-time high of $20,000 and it had a market capitalization of over $320 billion. The whole crypto market capitalization was $813 billion. In order for Bitcoin to reach a market cap of $1 trillion, the popular digital asset would have to be traded above $55,000 per coin. That would represent a price increase of 950% from the current price levels.
Looking at the top 10 cryptoassets at the end of each year makes me think #bitcoin (blue) gets to $1 trillion on its own in the next bull market. pic.twitter.com/75YaGesYxR
— Chris Burniske (@cburniske) April 20, 2019
In order for Bitcoin to reach such levels, it would have to attract investors and a larger number of buyers. The digital asset would have to become a store of value and improve the infrastructure that it currently has to onboard a larger number of companies, institutions and retail investors.
Burniske has also mentioned that other virtual currencies in the top 10 have also been growing compared to Bitcoin. In the beginning, Bitcoin was the largest and most popular digital asset, but others started to grow and were able to be closer to Bitcoin. Currently, Bitcoin has a market dominance of 52.8%.
Jeff Sprecher, the chairman of the New York Stock Exchange (NYSE) commented about institutions and their involvement in the crypto market:
“Bitcoin does not have a good market structure. Even for Bitcoin, different markets are posting lots of different prices. And you can pay an up to 6% spread to exchange dollars for Bitcoin, meaning Bitcoin needs to rise by as much 6% before you break even.”
As Michael Novogratz commented, Bitcoin will need the help of institutions in order to reach $1 trillion in the future. The same would happen if it wants to eventually have a market valuation of $20 trillion.
Anthony Pompliano, a recognized investor in the market, explained that their team at Morgan Creek Digital, announced a $40 million crypto venture fund anchored by two public pensions. Mr. Pompliano’s fund is the first one in the United States to invest in cryptocurrencies.
At the time of writing this article, Bitcoin is being traded close to $5,280 and it has a market capitalization of $93.22 billion.
