Kraken Growth Marketing Director Dan Held said Wednesday that although bitcoin hit a trillion Mark this week in terms of market capitalization, the number is only a fraction of its total addressable market.
In addition, Dan noted that Gold has a market capitalization of close to ten trillion dollars while fiat currency is about sixty trillion.
Reportedly, after surpassing the $55000 mark, Bitcoin’s market cap got to around 1.04 trillion USD Wednesday. Ethereum is the second-highest, with more than $425 billion in market capitalization. Generally, the entire Crypto market capitalization is close to 2.4 trillion.
Just as Held said, It is important to note that Bitcoin’s market cap stands for half of the entire cryptocurrency market cap.
During the Bitcoin for Advisors virtual event held by Coindesk, the Kakren Executive said, “I think it’s very reasonable to see bitcoin in that $50 trillion to $150 trillion market cap size in its final existence if bitcoin succeeds as a global reserve currency, or gold 2.0.”
In addition to this, the Kakren executive raised concerns about unit bias being a problem. According to Google, Unit Bias is a psychological impulse where an investor believes that holding whole units of cheaper Crypto is better than fractional or more costly ones.
Who is Dan Held?
Dan Held is quite knowledgeable when it comes to Cryptocurrency and previously worked at Interchange.
Interchange is a partnership between CoinVantage (accounting) and Picks and shovels (Crypto). This company offers Crypto assets management solutions for institutional clients.
It is important to note that Kraken bought Interchange in 2019.
Bitcoin’s Bullish Market Predictions
Dan Held’s remarks come at a time when Crypto experts predict a Bullish return for Bitcoin.
Past trends predict an interesting trend concluding that October could be an excellent season for Bitcoin. Let’s take an example of the past three years. In 2019 September, the price of bitcoin went down by 14 percent, only to bounce back by more than 10%.
September last year, the currency was lower than $12000. However, October, the same year, saw a reverse, and BTC bounced back at close to $15k.
The exciting thing is that October has started well for Bitcoin. The Crypto made a significant comeback Wednesday, hitting the $55,000 mark.
The Security Exchanges Commission was a significant concern for the Crypto market. However, after Gary Gensler (SEC chair) announced that they wouldn’t impose a Crypto ban like China, investors became calmer.
Final thoughts
According to trends in the past, Bitcoin seems to be following a sequence with October giving bull results from a dull September. Experts are also very optimistic about Bitcoin’s future capabilities.
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