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A California-based investment advisor has predicted that Bitcoin, the leading cryptocurrency introduced into the world by a pseudonymous entity Satoshi Nakamoto, will hit $8 trillion market capitalization in the next decade.
Andy Edstrom, a wealth manager from WESCAP Group, made the prediction, highlighting some keynote indications the digital currency would get to the desired destination in the next decade.
The wealth advisor mentioned the fear of missing out as one of the primary booster of people’s investment in the cryptocurrency industry.
Speaking in an interview on the Citizen Bitcoin podcast, Edstrom highlighted geopolitical events, speculations, fiat currency devaluation and the disintegrating economy, among other issues that include banks and central governments issues as reasons for the increasing development of Bitcoin, which would push it to 8 trillion US dollar market cap.
The investment manager said he set the upside case from an investment angle and took a 10-year view of Bitcoin. The analysis made him realize that the total valuation on 10 years for the cryptocurrency asset was around $8 trillion.
Edstrom said the wealth will come from diverse areas, saying it is possible Bitcoin takes share from fiat, offshore assets.
Bitcoin, he said has the potential to “slightly demonetizing other stores of value like real estate or new uses that we haven’t thought of or are still under construction.”
The legitimacy of Bitcoin, according to Edstrom, became clear when the parent firm of the New York Stock Exchange, Intercontinental Exchange, started offering Bitcoin to their institutional investors.
“I start to care [about Bitcoin futures] when Fidelity and the New York Stock Exchange’s parent company are real. So that is, definitely in my mind, a shift. So that’s one thing.
He said the excuses for ignoring Bitcoin are fading out, making him to cite reasons his clients need to invest in Bitcoin to them.
Fractal Says Bitcoin Could Achieve $10,000
After going past $9500, Bitcoin saw a slight pull back to $9200 range. The pullback has been placed on the coronavirus outbreak in China, a stronghold of cryptocurrency in the world. The outbreak has affected businesses in the country, and reduced the level of interaction with outsiders.
In the same line, some analysts have hinged the sudden price drop on Britain’s complete exit from Europe “Brexit”, which was achieved yesterday.
Meanwhile, analysts are suggesting that Bitcoin is replicating the price movement of May-June of 2019.
The early signal, according to them, is an indication that BTC could reach $10,000 and move towards $12,000 in a surprising manner.
This assertion was corroborated by respected crypto influential and analyst Galaxy, who also noticed this important fractal.
The notice made him stand on the fact that Bitcoin could break the $10,000 line and speedily jump to $12,000.
Today & May-June '19 similarities are interesting to watch.
By looking at this fractal, we are now in a consolidation before entering the next bull move & break the $10K barrier.
RSI also bounced in the exact same area as it did back then.$BTC pic.twitter.com/q9dT4xm5NP
— Galaxy (@galaxyBTC) January 31, 2020