In a recent tweet, Haider Rafique, the CMO of the prominent crypto exchange, OKX, highlighted the possibility of Bitcoin reaching a high of $500K. While this seems like a far-fetched prediction, he also explained why and how the asset could reach this level. According to Rafique in the next five years, the BTC network is expected to entail more than 2 billion wallets. Currently, there are about 45,264,498 addresses in the network.
Several firms across the globe have begun embracing Bitcoin through thick and thin. The king coin is found in the treasury of several firms. But Rafique believes that in five years, hundreds of publicly traded platforms will entail BTC in their treasury.
The third point is focused on Bitcoin’s market cap. At press time, the market cap of the king coin is around $534 billion. Back in 2021, the market value of BTC soared to a high of $1.2 trillion. Despite the dip, the cryptocurrency surpassed several prominent entities like Meta and Visa. It currently stands as the 11th largest asset below, gold, Apple, Microsoft, silver, and others. But the OKX CMO suggested that the market cap of the asset could rise above “top precious metals.”
Bitcoin, as per Rafique could become the reserve currency for over 50 countries across the globe. This could boost adoption and put the currency under the spotlight. The OKX CMO went on to ask his followers their stance on the prediction.
Bitcoin: A small setback before a big breakout?
The entire market was undergoing a slight slump today. Bitcoin, after hitting a high of $28,803 dropped back to a low of $26,760. At press time, the king coin was trading for $27,574 with a 2.22% daily drop.
Several speculate that this was a dainty correction before a potential upswing.