Led by veteran stock picker Cathie Wood, analysts at Ark believe the value of Bitcoin $ 1 trillion will grow tenfold in the coming years as it evolves from a marginal asset to a mainstream financial tool.
Bitcoin’s value has doubled since January 2021 alone, increasing its gains from 500% in 2020. As is normally the case, Bitcoin’s rising tide has lifted all boats in the broader cryptocurrency marina, sending many to new all-time highs. With the global market cap worth just under $ 2 trillion, the climb to $ 10 trillion doesn’t seem too far off.
Yassine Elmandjra, a crypto asset analyst at Ark, believes Bitcoin has the potential to surpass the $ 10 trillion market cap of gold:
“If you look at gold as a market cap of $ 10 trillion, bitcoin is about 10 percent of that, and if we believe bitcoin is a 100 times better version than that, then it’s pretty safe to say that there is a high probability. is that bitcoin is gaining a lot of gold and market share, and more. “
But what about the effect of regulations on Bitcoin’s future performance? Elmandjra responded to claims made by the US Treasury Secretary Janet Yellen that Bitcoin was inefficient, unstable and often used for illegal activities.
“I really think it’s just outdated arguments as a function of their complete lack of education, which is a function of their lack of interest in learning about this,” said Elmandjra.