Bitcoin, The “First Native Digital Currency”, To Hit Trillion Dollar Market Cap In This Bull Cycle: Analyst
- Next bull cycle will have BTC market cap surpassing that of gold
- Bitcoin is just someone figuring out how to make an internet scarcity
While speaking on the latest episode of Coinist Podcast, Willy Woo, on-chain analyst and partner at Adaptive Capital, shared his conviction of Bitcoin hitting trillion dollar market capitalization in the coming years.
Currently, the leading cryptocurrency has a market cap of almost $200 billion, accounting for 62.3 percent of the total crypto market.
While BTC/USD is trading at $11,200, at the time of writing, a trillion dollar market cap would put its price around $50,000.
Bitcoin Market Cap to Hit Trillion Dollar in this Bull Cycle
Back in 2013, Woo predicted Bitcoin’s market capitalization to climb to a trillion dollar value by 2025.
Since his prediction, BTC went down to $200 and marked a new ATH at $20,000 and now back onto another bull cycle.
But Woo stands firm on his prediction as he says,
“I think this cycle will get us past the trillion dollar cycle, and then the next cycle will be the one that takes us to breaking the gold market cap.”
While this cycle will take us to trillion dollar level, the next cycle would be the one that will have us surpass even that of gold’s $7.5 trillion market cap. This would be coming in about 2024, but as he said these cycles are hard to predict.
In the meantime, we are already seeing retail FOMO pushing BTC price up with whales in wait.
Internet Scarcity, First Native Digital Currency
Talking about money in length, Woo states how it has been around since civilization, that is roughly ten thousand years.
From hunter-gatherer, we moved to a great first agrarian age and then we had an Industrial Revolution. Now, we are “undergoing this big massive transformation” to the digital age.
So, we have had precious metals for thousands of years, which had the scarcity because we couldn’t print more gold, silver or copper. But then things became complex with the Industrial Revolution and we moved onto the gold standard and traded paper notes.
And now we are going through the Internet age where all the largest companies are digital but “until Bitcoin, we never really had anything on the internet that could be scarce,” explained Woo.
This is what Bitcoin is, someone just figured out how to make an internet scarcity.
“If we’re in a digital age, we really want a digital currency and this is our first native digital currency… Bankers call [Bitcoin] a bubble, technologists call it a disruption, but students of history would call it the dawn of the digital age.”
Woo says we are in a phase where we are learning to trust Bitcoin which is “proving” to be a store of value.