- The market cap of bitcoin could go as high as $1 trillion come 2021, said an industry expert.
- Garrick Hileman, head of research for Blockchin.com made this prediction, telling Business Insider that the first and most popular cryptocurrency has seen great growth this year and will likely continue moving up.
Bitcoin’s market cap could go as high as $1 trillion within 2021, a cryptocurrency expert predicted. Blockchain.com’s head of research Garrick Hileman made this claim, adding that this will become possible as investors seriously consider its reserve currency status.
Currently, the bitcoin market cap is about $350 billion. A Business Insider article dated December 19, 2020 also tells us that “this week the cryptocurrency gained 12% over two days alone, and was trading at $22,994 on Saturday.”
In an interview with Business Insider, Hileman said:
“My expectation is that bitcoin will become a trillion dollar asset as early as next year.”
Blockchain.com furthermore pointed out a 39% increase in wallet creation year-to-date on their crypto exchange which means around 17 million wallets have been created since December 2019.
With the increase of people owning crypto assets – as much as 100 million these days, said Hileman – growth will definitely follow.
Hileman “expects to see continued buy-in from retail and Wall Street investors going forward, rather than corporates,” wrote BI. “That’s because it is harder for bigger players to participate than professional investors who already have accounts and easy access to major exchanges, he explained.”
Meanwhile, a CoinDesk report published December 20 said that “the price of the leading cryptocurrency continued its recent torrid run, setting a new all-time high of $24,122.67 before falling back to $23,987.86, up 5.49% on the day.”
As Delphi Digital co-founder and former Bloomber equity analyst Kevin Kelly has previously told CoinDesk:
“The significance of a new all-time high in dollar terms can’t be understated.
“Many skeptics have publicly denounced bitcoin for failing to reach a new high despite such a favorable macro backdrop so this is yet another testament to bitcoin’s staying power.”
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