Bitcoin supporters predict trillions of market capitalization for the leading cryptocurrency within 5 to 10 years. This is due to the great performance of BTC over the years.
In the past months, Bitcoin has been performing well in terms of price and market capitalization. Today, Bitcoin is traded at a high price of $10,600, with a growth rate of +2.4% in the last 30 days.
Moreover, Bitcoin outperformed gold and other commodities in the digital asset market. Investment vehicles like Grayscale Investments and countries such as Japan also invested huge amounts in Bitcoin. This displays persistent Bitcoin dominance in the market.
On top of that, Yassine Elmandjra and its team of analysts at Ark Investment Management researched that Bitcoin could possibly scale from roughly $200 billion today to 1-5 trillion capitalizations in the next five to ten years, an amount that must not be overlooked by investors.
Yassine explained that bitcoin is on its early path to monetization. She added that,
In our view, bitcoin’s $200 billion market capitalization—or network value—will scale more than an order of magnitude to the trillions during the next decade.
Furthermore, renowned computer scientist Adam Back agrees with the view regarding an increase to BTC’s market cap.
— Adam Back (@adam3us) October 5, 2020
Looking back, Adam was the person allegedly known to be the one behind the pseudonym, Satoshi Nakamoto. He also predicted that Bitcoin would reach the price of $300,000 per unit in the next five years.
Despite their different opinions regarding the coin’s scalability in the coming years, both Yassine and Adam pointed out that the coin still has plenty of room to grow. On the other hand, other Bitcoin analysts predict that the Bitcoin price will boost to over $100,000 before 2024.