Will Bitcoin’s Bull Market Resume? Can It Continue? by Tanzeel Akhtar
Ted Moskovitz, a former SEC lawyer and the founder of DecentraNet, says Bitcoin will surely get much larger before the bubble, if indeed there is one, pops.
“While many view Bitcoin’s new all-time high as an indication of a bubble, this is simply not the case, and we are sure to see Bitcoin’s price rise to between $7,600-$10,000 by year’s end.” explains Moskovitz.
Forex markets see an average daily volume of over $5 trillion. If Bitcoin’s total market cap reached equivalence to one day of forex trading, explains Moskovitz, it would place the value of a single Bitcoin in the ballpark of $250,000. “If you prefer to think of Bitcoin as a commodity, then gold is a good baseline for comparison,” he adds. “Right now the global gold market stands at about $6.3 trillion.”
“It is estimated that only 10 million individuals had Bitcoin accounts at the start of this year—that’s .001% of the world’s population. This shows us that Bitcoin is still in a nascent phase, and as more and more people learn about it and more and more name-brand celebrities (e.g., Ashton Kutcher, John Cena, Floyd Mayweather) tweet about it, we are going to see adoption rise.”