$15 Trillion Market Cap For Bitcoin? Crypto Firm CEO Predicts Explosive Growth
A prominent figure in the cryptocurrency space made a bold prediction that Bitcoin could hit a total market capitalization of $15 trillion in the next four years.
Pantera Capital CEO Dan Morehead said that global blockchain adoption still lags compared to other global financial assets, saying that blockchains untapped potential could drive Bitcoin to an exponential growth in its market capitalization.
Bitcoin And The $740,000 Target
The Pantera executive believes that Bitcoin price could soar to $740,000 per coin, something the CEO said would happen in the next four years.
Morehead said that the price surge will be fueled by the growing technology adoption in the financial sector, adding that blockchain remains largely untapped.
If Bitcoin reaches the $740,000 mark, Morehead predicted that the firstborn cryptocurrencys total market capitalization could reach a whopping $15 trillion.
Pantera Capital CEO predicts Bitcoin at $740K
Dan Morehead, CEO of Pantera Capital, highlighted in a letter to investors that the firms Bitcoin fund, launched in 2013, has delivered a 132,118% lifetime return, Bloomberg reported. Morehead predicts Bitcoin could eventually reach
CoinNess Global (@CoinnessGL) November 26, 2024
Some might think that $15 trillion is an exaggerated figure but it is not, according to the crypto executive.
Morehead explained that a $15-trillion market capitalization for BTC is still modest, pointing out that global financial assets have a market capitalization of $500 trillion.
Financial Wealth Needs Tech
Morehead did not pluck his forecast out of thin air, saying that is based on the fact that financial wealth needs technology.
The crypto executive pointed out that around 95% of financial wealth is not yet engaging in technology. Many analysts see blockchain technology revolutionizing the financial sector.
Morehead said that the financial wealth industry is at the early stages of a massive transformation.
95% of financial wealth has not addressed blockchain. They are just beginning this massive transformation now. When they do, Bitcoin might be at something like $740,000/BTC, he noted.
Morehead said Bitcoin could reach a $15 trillion market cap as early as April 2028. However, he cautioned that hitting this market cap level might take a few years more than April 2028, citing the price trends unpredictability as the main driver of Bitcoins valuation trajectory.
As of writing, Bitcoin is being traded at $93,785 per coin with a total market capitalization of $1.8 trillion.
Bitcoin: Historical GrowthMorehead said that historically, there are three orders of magnitude in BTCs price surge, pointing out that another price growth is possible.
He noted that Bitcoin and other cryptocurrencies are compelling investments because digital assets have high potential returns relative to their risk profile.
The expected value of the trade is the most compelling I have seen in almost 40 years of doing this, he added.Current Market Condition
In the past few days, analysts noted that Bitcoin price decreased by 1.23% to $91,000 while its trading volume increased by 12% to $91 billion. On the other hand, BTCs total market capitalization slightly went down to $1.8 trillion.
Further, the market liquidations of Bitcoin and small market cap coins were pegged at $112 million and $81 million, respectively.
Featured image from DALL-E, chart from TradingView
Text source: NewsBTC
