Bitcoin’s market cap to eclipse that of gold, one day

A day doesn’t pass by without thousands of “experts” predicting where the bitcoin price will go next. Some do it on short-term timescale while others are giving themselves a time-frame of couple of years to be right (or wrong).

Misha Libman, co-founder of blockchain art laboratory Snark.art, urged a word of caution to those attempting to predict the price of wildly unpredictable assets such as bitcoin.

He said: “Every morning I wake up reading about the rise and decline of crypto and I am fascinated by the incredibly technical and visually sophisticated graphs predicting its future that borderline an art project.

“Ultimately we are dealing with a new technology and new asset that is highly speculative, illiquid, and elusive, and drivers for its rise and fall is anyone’s guess and can be attributed by the media to anything from Federal Reserve’s interest rate hikes to SEC regulations to market fever.

“But without a doubt I believe that blockchain and cryptocurrencies have a place in our future and the rollercoaster volatility that we are seeing today is something we are going to have to live with for a while until we will start using crypto to buy chewing gum.”

Bitcoin will reach gold’s trillion market cap, eventually

In his post on Forbes.com, Billy Bambrough sums up the thoughts on bitcoin’s future by some of the industry leaders.

Speaking in a Reddit Ask Me Anything Cameron Winklevoss, who with his brother Tyler founded the Gemini bitcoin exchange, said he thinks bitcoin is will remain the number one cryptocurrency and is “most likely the winner in the long term” as “it’s hard to defeat network effects.”

“We believe bitcoin is better at being gold than gold. If we’re right, then over time the market cap of bitcoin will surpass the $7 trillion market cap of gold,” Tyler added. “We believe in the long game.”

Meanwhile, Andreas Antonopoulos, a long-time bitcoin advocate and author, said he also expects bitcoin’s market cap to one day eclipse that of gold.

“I think it will be one of the many reserve currencies that can be used to underpin value on other things. There doesn’t have to be only one anymore,” he said, speaking via his YouTube channel.

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CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com

Philipp Traugott

Philipp Traugott

Phil Traugott is a staff writer at CaptainAltcoin. As a trained marketing specialist for copywriting and creative campaigns, he has been advising top companies on the following topics: online marketing, SEO and software branding for more than 10 years. The topic of crypto currencies is becoming increasingly important for companies and investors and he found it very alluring and fitting for his skillset which prompted him to pivot his career towards blockchain and cryptocurrencies.

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