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Last week, Bitcoin (BTC) breached $20,000 for the first time in the crypto’s history. It continued to soar even higher and is currently trading above $23,000. The rally spawned a lot of speculations on how far the token’s price could up.
For instance, Garrick Hileman, head of research at Blockchain.com, said that Bitcoin’s market capitalization has the potential to soar to $1 trillion as early as next year, according to Business Insider. This scenario could happen as institutions start to take the cryptocurrency’s reserve asset status more seriously.
Hileman noted that a number of major institutional players have already acknowledged Bitcoin’s rising acceptance as a reserve asset. These include BlackRock, Stanley Druckenmiller, Jack Dorsey, and Bill Miller.
“My expectation is that bitcoin will become a trillion-dollar asset as early as next year,” Hileman told Business Insider.
At the moment, Bitcoin is trading around $23,700 and has a market capitalization of $443 billion based on data from Coinmarketcap.com. For Hileman’s prediction to come true, BTC needs to more than double its current price for its market cap to reach a trillion dollars.
Blockchain.com posted a 39 percent year-to-date growth in wallet creation in 2020. Since December 2019, its platform saw the creation of around 17 million crypto wallets.
The crypto exchange noted increased adoption and ownership of cryptocurrencies this year. Hileman revealed that 100 million people now own crypto assets worldwide.
Unlike the 2017 cryptocurrency rally, which was driven by the retail sector, Hileman said that this year’s rally is primarily driven by institutional demand. Institutional investors including money managers, family offices, and hedge funds have entered into the cryptocurrency scene in 2020.
Despite Bitcoin’s spectacular rise past $20,000, a number of people still believe that the world’s largest crypto still has room to grow. For instance, hedge fund manager Paul Tudor Jones believes that BTC would still be undervalued even if its market cap rises to $500 billion.
“With a market cap of $500 billion, it’s the wrong market cap in a world where you’ve got $90 trillion worth of equity market cap and God knows how many trillions of fiat currency, etcetera... it's the wrong market cap, for instance, relative to gold, which is $8 or $9 trillion,” Paul Jones said.
Similarly, “Rich Dad Poor Dad” author Robert Kiyosaki predicts that Bitcoin’s price could reach $50,000. “Glad I bought Bitcoin,” Kiyosaki tweeted. “Next stop $50 k. Wall of institutional money coming 2021. Buy below $20 k. If you missed Bitcoin, buy silver. Silver set to move due to AOC’s Green New Deal. America in trouble. Future bright for gold silver Bitcoin and entrepreneurs.”
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