Chris Burniske: Bitcoin Can See $1 Trillion Market Cap If Prior Bull Market Volatility Pattern Persists
Bitcoin (BTC), the most popular and the largest digital asset in the market could eventually reach $1 trillion market capitalization if the current volatility persists.
This is according to Chris Burniske, the Founder of Crypto Venture Capital. He believes that before 2021, Bitcoin is going to be reaching this market cap.
Could Bitcoin Reach $1 Trillion Market Cap?
This is something clearly possible and that could happen before what many individuals and investors think. Bitcoin is clearly the largest cryptocurrency but there is a large potential for it to keep growing in the future.
During an interview with Ran NeuNer of CNCB’s crypto trader, Burniske said that Bitcoin reaching and surpassing $1 trillion dollars is just one of the options that investors could see in the future.
He explained that if the market is half as volatile as between 2015 and 2017, and if the trend continues, the digital currency could cross a trillion dollar market cap. On the mater, he commented:
“The Bitcoin dominance index had been falling over time not because Bitcoin hasn’t been growing but just because of the higher risk, the more speculative assets grow faster in bull markets.”
Moreover, Chris Burniske talked about Bitcoin’s blocks and how the network is being used as never before. Indeed, according to data from BitInfoCharts, the number of BTC transactions is close to 400,000 per day. When Bitcoin was reaching its all-time high in December 2017, the number of transactions peaked to 490,000. This shows that there is a growing interest in Bitcoin and virtual currencies as time passes. Additionally, this growth is genuine and not driven by speculation.
Finally, Burniske said that in the long term, cryptocurrencies would have a very positive future since the technology was superior to other mediums of exchange.
Currently, Bitcoin has a price of over $8,025 and a market capitalization of $142 billion.