Bitcoin Market Cap Could Surpass $300 Trillion
Popular bitcoin bull and market analyst Max Keiser has argued that bitcoin’s market capitalization could surpass $300 trillion in the future, predicting the flagship cryptocurrency could surpass the U.S. dollar and become the world’s reserve currency.
In a new episode of the Keiser Report on RT, first spotted by Daily Hodl, the bitcoin bull shared a Morgan Stanley report with his over 4 million subscribers on the video-sharing platform YouTube, and argued bitcoin could become a viable alternative to gold as a store of value, and to the U.S. dollar as a medium of exchange.
Per Keiser, investors have two options: using fiat currency to benefit from its lack of volatility, but facing a “guaranteed” loss of purchasing power, or use bitcoin and deal with its volatility while benefitting from a “guaranteed” gain in purchasing power.
The market analyst also pointed out that bitcoin is closing in on the precious metals market, and predicted the cryptocurrency will overtake silver’s market capitalization over the next few months, while getting halfway to gold’s market capitalization later this year. Once BTC gets past gold, he said, “only the dollar is left.”
He said coitized the U.S. Federal Reserve for inflation the supply of the U.S. dollar, which is “not particularly robust.” The dollar, he said, is going to “be decimated as Bitcoin dominates and becomes the global world reserve currency as we predicted. Morgan Stanley is finally waking up to this.”
As BTC rises past gold and challenges the world’s reserve currency, Keiser predicted its value could rise meteorically.
I guess it’s going a lot higher because it has to replace gold. It has to replace the US dollar. The total addressable market (TAM) for Bitcoin is $300 trillion. It’s now at $1 trillion. It’s got a 300x path to go from here. Own it or have fun staying poor.
Bitcoin has often been referred to as gold 2.0, as the cryptocurrency is used as a hedge against potential currency debasement and hyperinflation. Billionaire investor Jeffrey Gundlach, CEO of DoubleLine Capital, has revealed that while he is still a long-term dollar bear and gold bull, sees bitcoin as a better bet after turning neutral on both the U.S. dollar and gold.
Analysts at Goldman Sachs have last week reported that both bitcoin and gold have a specific role to play in investors’ portfolios and, as such, bitcoin won’t take over gold’s market capitalization, nor will gold make the flagship cryptocurrency irrelevant.