Dan Held: Bitcoin is becoming an “attractive store of value” that eats up real estate
Dan Held, Growth Marketing Manager at Kraken Exchange, expects Bitcoin to achieve a market capitalization of $ 200,000 billion and a price per BTC of round $ 9.5 million.
“That’s a bunch of numbers, but I think Bitcoin’s market capitalization must be between ten and two hundred trillion …”
Dan Held – Growth Marketing Manager at Kraken
Bitcoin managed to create eight consecutive inexperienced day candles making it the highest performing streak this yr, and it additionally managed to shut above the all-important $ 40,000 mark.
This transfer has introduced again the optimism and with it the excessive price forecasts, however Dan Held’s opinion is within the vary of the top-of-the-range.
Why did Bitcoin attain the price set by Held?
Bitcoin price prediction
Recently, Greg Foss, CEO of Validus Power Corp, reported a goal market cap of $ 45 trillion for Bitcoin, which interprets right into a price per BTC of up to $ 2.1 million.
According to Foss, bitcoin might signify 5% of the whole world asset of $ 90 trillion sooner or later, and particularly over the following decade, as crude oil and gasoline suppliers abandon the greenback to help bitcoin.
Despite the present uncertainty, Foss believes the greenback, an inflationary asset that will depreciate over time, shall be a serious drawback for utilities.
Validus Power Corp. is a sustainable vitality options firm whose providers embrace the use of gasoline (waste) for Bitcoin mining.
While Foss’ forecast is stated to be too excessive for present costs, Held believes it may well do extra.
$ 20 trillion market cap?
Keep speaking Kitco news, Held urged host David Lin to droop his skepticism about Bitcoin’s $ 200,000 billion market cap as a way to consider the “entire available market of the store of value”.
Held lists a quantity of shops of worth, together with gold, fiat currencies, nationwide debt, and real estate, which have a market capitalization of $ 250,000 billion and are all “inherently inferior” to Bitcoin within the kind of Bitcoin.
“None of them come from digital sources, many of them are topic to seizure and censorship, and they’re neither divisible nor sustainable. So with regards to the financial properties of Bitcoin, it turns into an extraordinarily enticing store of worth. “
And Held believes that sooner or later sooner or later, Bitcoin will compete with real estate and attain a valuation of $ 20 trillion. However, he didn’t give a particular schedule, simply stated that it might be a really lengthy interval of time.
According to Cryptoslate