Bitcoin on an uptrend, but BTC may never surpass the $ 10K market cap

Bitcoin (BTC) is “trending from bottom left to top right” and its volatility won’t put investors off, said the former head of the New York Stock Exchange.

In an interview with CNBC on June 23, Thomas Farley revealed his longstanding beliefs about Bitcoin and denied concerns about the devaluation of BTC.

Bitcoin: rising, but not “only”

A day after CNBC expert Jim Cramer admitted he had sold his bitcoins, which showed BTC / USD fell as low as $ 10,000, Farley delivered a much-needed bullish bias.

“I’m pretty optimistic about recent price moves – Bitcoin is a very volatile asset, in part because it’s a new asset class,” he told the network.

“I have no doubt that it will go up, it will go down in the long run – I still think it’s a left to top right trend and I think we’ll see this within five years.

With mining volatility from China still in people’s hearts, popular mainstream criticism of Bitcoin’s energy consumption was also quickly brushed aside as a temporary problem.

“I think this kerfuffle is an interesting conversation, but overall I think it will be resolved because I think blockchain at its core adds to its efficiency and even increases it. Energy efficiency over time,” he continued.

Less convinced of gold. compared to Bitcoin

However, when he calls Bitcoin “digital gold,” Farley is more cautious in his predictions.

Now, well below the trillion dollar market cap, Bitcoin needs to be converted into safe safe havens of value.

Related: Joining the Ranks: Bitcoin’s Correlation with Gold and Stocks is Growing

He added, “I think the current cap is gold with a market cap of around $ 10 trillion.

“For Bitcoin to one day outperform gold, it has to become a more accepted form of currency – to be honest, I’m not sure that it will get there.”

supporter to discuss Bitcoin, by its very nature, has only a matter of time before it overshadows gold thanks to its ultimately limitless supply and its inability to beat Bitcoin in any aspect of “money.”

The precious metal had a big sell-off last week following comments on Fed policy.

To beat gold, given the current supply, Bitcoin would have to trade above $ 533,000.