Is Bitcoin about to become a $1 Trillion asset?
Bitcoin has had a big year so far (and 2021 could be even bigger). Bitcoin’s more than doubled in price through 2020 and this week surpassed its 2017 market capitalization, the combined value of all minted bitcoin tokens.
The bitcoin price has added almost 50% this month, shooting toward its all-time high of around $20,000 per bitcoin and pushing its market cap briefly over $350 billion, spurred on by a wave of institutional interest in bitcoin.
Bitcoin traders and investors are now turning to what will happen if bitcoin does manage to break its all-time high—with one analyst predicting it will be the beginning of a two-year run toward a $1 trillion bitcoin market cap.
“$20,000 bitcoin is [the] primary hurdle toward [a] $1 trillion market cap,” Bloomberg Intelligence senior commodity strategist Mike McGlone said via Twitter alongside a chart showing how he thinks bitcoin could reach the milestone before the end of 2022.
If bitcoin were to reach a $1 trillion market cap it would mean an increase of today’s bitcoin price of almost 200%—making one bitcoin token worth a whopping $50,000.
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