In the next market cycle, the total market value of bitcoin will be 1 trillion. Bitcoin analyst Willy Woo tells that in a Coincast podcast on Thursday, July 4.
By total market value we mean the price of bitcoin multiplied by the total number of coins in circulation. Now this market value is nearly $ 200 billion, according to data from Coinmarketcap.
Willy Woo is known for his bitcoin analyzes. He not only looks at the price of bitcoin, but also at the data on the bitcoin blockchain. His NVT indicator is also known. This looks at the activity on the blockchain in relation to the price of bitcoin.
Willy Woo stays with his 2013 forecast
If you follow Willy Woo a little, you know that this is not a new statement. In 2013, he predicted exactly the same thing.
But then this seemed much less obvious. The total market value of bitcoin remained below two billion dollars for most of that year. Now the total market value of bitcoin is around one hundred times as high. The move to one trillion dollars therefore seems a lot more feasible.
Willy Woo therefore expects that bitcoin will continue to do well, and certainly in the future: “I think the next cycle will take us past one trillion. Bitcoin can thus catch up with the market value of gold. “
“Bitcoin is the currency of the internet”
But “catching up” with gold is not the most important development, according to Woo. That should not be the purpose of bitcoin. He sees bitcoin as the world’s first own currency of the internet.
“Bankers say that bitcoin is a bubble, technologists call it a disruption. Future history students will see bitcoin as the beginning of the digital age, “said Woo.
Want to watch (or listen to) the podcast with Willy Woo? That is possible here: