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A prominent cryptocurrency figure has predicted that Bitcoin could reach a total market cap of $15 trillion in the next four years.
Dan Moorhead, CEO of Pantera Capital, said global blockchain adoption is still lagging compared to other global financial assets, saying blockchain’s untapped potential could propel Bitcoin into massive growth in its market. Market value.
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Bitcoin and the target is $740,000
The Pantera CEO believes the price of Bitcoin could rise to $740,000 per coin, something the CEO said would happen in the next four years.
The rise in prices will be fueled by growing technology adoption in the financial sector, Moorhead said, adding that “blockchain remains largely untapped.”
If Bitcoin reaches the $740,000 mark, Moorhead expects the total market value of the top cryptocurrency to reach $15 trillion.
Pantera Capital CEO expects Bitcoin price to reach $740,000
Dan Moorhead, CEO of Pantera Capital, said in a letter to investors that the firm’s Bitcoin fund, which was launched in 2013, has generated a 132,118% return over its lifetime, Bloomberg reported. Moorhead expects Bitcoin to eventually reach…
— Coinness Global (@CoinnessGL) November 26, 2024
Some may think that $15 trillion is an exaggerated number, but it is not, according to the cryptocurrency executive.
Moorhead explained that Bitcoin’s $15 trillion market capitalization is still modest, noting that global financial assets have a market value of $500 trillion.
Financial wealth needs technology
Moorhead did not make his prediction out of thin air, saying it was based on the fact that financial wealth requires technology.
The cryptocurrency executive noted that about 95% of financial wealth is not yet involved in technology. Many analysts see Blockchain technology Revolutionizing the financial sector.
Moorhead said the financial wealth industry is in the early stages of a “massive transformation.”
“95% of financial wealth has not processed blockchain technology. They are just starting this massive shift now. And when they do, the price of Bitcoin could be around $740,000 per bitcoin.”
Morehead said Bitcoin could reach a market cap of $15 trillion as early as April 2028. However, he warned that reaching this market capitalization level could take a few more years than April 2028, citing the unpredictability of the price direction as the main driver of Bitcoin’s valuation trajectory.
As of the time of writing, Bitcoin exists It was traded at $93,785 Each currency has a total market cap of $1.8 trillion.
Bitcoin: historical growth
Historically, there are three levels of volume in Bitcoin’s price rise, Moorhead said, noting that further price growth is possible.
He noted that bitcoin and other cryptocurrencies represent compelling investments because digital assets have high potential returns compared to their risk profile.
“The expected value of the trade is the most compelling I’ve seen in nearly 40 years of doing this,” he added.
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Current market situation
In the past few days, analysts noted that Bitcoin’s price fell by 1.23% to $91,000 while its trading volume increased by 12% to $91 billion. On the other hand, Bitcoin’s total market capitalization decreased slightly to $1.8 trillion.
Furthermore, market liquidations of Bitcoin and small-cap coins have been pegged at $112 million and $81 million, respectively.
Featured image from DALL-E, chart from TradingView