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Bitcoin, to many, is the digital equivalent of gold – one of the world’s first ever currencies, means of exchange, and stores of value. According to crypto bull Mike Novogratz, one day, Bitcoin’s market cap will surpass that of gold’s.
After the lofty prediction was made, crypto analysts took to Bitcoin price charts hoping to outline the trajectory that could take the first-ever crypto to a market cap of over $7.5 trillion. One crypto analyst, using Bitcoin’s long-term logarithmic growth chart, shows how BTC reaching such a feat is entirely “feasible.”
Mike Novogratz: Bitcoin Market Cap Will “Easily” Surpass Gold
This week, Galaxy Digital CEO and founder Mike Novogratz joined Morgan Creek’s Anthony “Pomp” Pompliano on the Off The Chain podcast he hosts. There, the outspoken crypto bull suggested that Bitcoin could “easily” reach a similar market cap as gold’s $7.5 trillion cap over the course of the next 20 years.
Related Reading | Precious Metals Firm Drops Crypto: Is the Bitcoin Digital Gold Narrative In Trouble?
Novogratz added that it would require BTC to “100x” from today’s prices of approximately $3,950, but clarified that crypto investors shouldn’t expect it get there “in the next year or two.” It’s a long-term goal for Bitcoin’s market cap, according to Novogratz.
Bitcoin Price Chart Shows Growth Trajectory to $7.5 Trillion Market Cap
Following Novogratz and his highly-publicized podcast remarks, crypto Twitter began digging into how Bitcoin price might eventually reach the heights discussed by the Galaxy Digital CEO.
Prominent crypto analyst Dave the Wave, known for his analysis of longer-term Bitcoin price charts and trend changes, shared a 50-year chart of BTC’s market cap using the logarithmic growth rate to highlight its path to $7.5 trillion.
Yes, according to the curve…. pic.twitter.com/TxyzgMQ4tt
— dave the wave🌊🌓 (@davthewave) March 25, 2019
Considering the chart’s growth trajectory, Bitcoin can be expected to peak some time around the year 2045, and from there it will begin to stabilize. At that point, it will become a more realistic store of value and currency due to volatility essentially disappearing from the asset.
Related Reading | Poll Reveals Majority of Crypto Investors See Bitcoin Price at $100,000 to Millions Long-Term
At such an astronomical market cap, the price per BTC would be near $360,000 each assuming all BTC is mined by the time the target is reached in 2045. Despite such a seemingly unrealistic number, the $7.5 trillion market cap of BTC would only represent a mere under 2.5% of the entire global wealth, which is currently at $317 trillion according to The Credit Suisse Research Institute’s Global Wealth Report.
If Bitcoin were to absorb much of the world’s transactional value by becoming the global currency for the internet as many believe it may, BTC may eventually reach the potentially “millions” in value that most cryptocurrency investors expect it to. It just won’t happen for another 25 or more years.
Featured image from Shutterstock
