Wealth manager Andy Edstrom has predicted that bitcoin will reach 0,000 by the year 2030, thereby bringing bitcoin’s total market cap to approximately trillion and making it one of the most valuable assets across the globe.Edstrom: BTC Will Incur a Mega Spike in Ten YearsEdstrom works with a California-based investment platform known as WESCAP. In a recent interview, he stated he’s “pretty bullish” on bitcoin and thinks that the currency could reach the stars in roughly ten years. He mentions:When I set the upside case for an investment point of view, I take a ten-year view… I think the total valuation on ten years that I use is about eight trillion and that comes from various buckets. Whether it’s taking share from gold, or taking share from fiat, or taking share from offshore
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Wealth manager Andy Edstrom has predicted that bitcoin will reach $400,000 by the year 2030, thereby bringing bitcoin’s total market cap to approximately $8 trillion and making it one of the most valuable assets across the globe.
Edstrom: BTC Will Incur a Mega Spike in Ten Years
Edstrom works with a California-based investment platform known as WESCAP. In a recent interview, he stated he’s “pretty bullish” on bitcoin and thinks that the currency could reach the stars in roughly ten years. He mentions:
When I set the upside case for an investment point of view, I take a ten-year view… I think the total valuation on ten years that I use is about eight trillion and that comes from various buckets. Whether it’s taking share from gold, or taking share from fiat, or taking share from offshore assets, or slightly demonetizing other stores of value like real estate or new uses that we haven’t thought of or are still under construction, such as micro payments.
He believes bitcoin could reach such a high number given that there’s likely to be heavy tension in the future centered around the U.S. federal reserve. Between growing debts, political conflicts and inflation, fiat currencies like USD could potentially encounter problems in the future, thereby raising fear in users’ hearts and causing them to turn to other outlets to maintain their wealth.
We have already witnessed cases of this in previous weeks. Bitcoin purchases have grown in areas like Iran and China, the former country due to what was once a heat-laden relationship between it and the United States. In China, fears of the coronavirus saw many people stocking up on bitcoin and similar assets given that they were worried about the spread of the disease and wanted to be stable in the coming weeks and months.
In the meantime, a similar prediction to Edstrom’s is coming from hedge fund manager Mike Novogratz, only he believes the future is going to be very kind to gold. He’s convinced that in approximately ten years, the gold market cap could reach as much as $7.5 trillion.
Edstrom is confident in the prediction, and explains why such a large number isn’t implausible:
Some would say that’s aggressive. Some would say it’s conservative but getting to multiple trillions in value on a ten-year view could either happen through hyper-bitcoinization or it’s just part of the evolution and it’s in the next decade that it happens.
The Halving Won’t Be Great
However, Edstrom also revealed that he doesn’t have high hopes for May’s halving, which he thinks could lead to temporary problems for BTC:
When the price falls and hash power drops, there’s a good time to attack the bitcoin network. The halving is the one time that attackers can prepare and know there are marginally profitable miners active that they can push out.