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$100k Bitcoin in 10 Years
Synopsis: According to an analyst who correctly predicted that Bitcoin would hit $2,000 this year, told CNBC yesterday that Bitcoin could hit $100,000 in the next 10 years.
In December, Saxo Bank in its annual report entitled “Outrageous Predictions” called for Bitcoin to hit $2,000 in 2017, a 165% rise from what it was trading at then, namely, $754.
Kay Van-Petersen, the man behind the call, predicts that ten years from now, cryptocurrencies in general will account for 10% of the ADV – the Average Daily Volume of all foreign exchange trades. According to the Bank for International Settlements, the current ADV stands at just over $5 trillion.
Ten percent of 5 Trillion would be $500 billion and Bitcoin will account for only 35% of that trade by then, or about $175 billion per day.
Also, according to Van-Petersen, that implies that Bitcoin’s market cap will be $1.75 trillion. It’s current market cap is around $37.8 billion, according to CoinDesk.
Ten years from now, there will be about 17 million Bitcoins in circulation, up from the current supply of 16.3 million.