So Bitcoin’s market cap would be about $9 trillion dollars.
Anthony Pompliano who is the founder and partner at Morgan Creek Digital thinks that by the end of 2029, the market cap of Bitcoin (BTC) will be larger than that of gold.
Anthony’s tweet encouraged a response from Peter Schiff:
“By 2029 you'll be lucky if the market cap of #Bitcoin still exceeds the market cap of a baseball cap.”
This just led to Pompiliano doubling down on his prognostication. He replied to Schiff, telling that he was attempting to be conservative:
“[I] Think approximately a decade is rather conservative, so trying to account for many things that could possibly happen to slow growth.”
Right now the market cap of Bitcoin holds at $227 billion, while gold’s capitalization is around $9 trillion.
So it signifies that gold’s market cap is about 40 times bigger than Bitcoin’s at the time of reporting.
It was not obvious from the tweet whether Pompiliano suggested that Bitcoin’s cap would be bigger than capitalization of gold right now, or the cap he assumed gold to hold by 2029.
Later Pompliano explained:
“In 2029, the bitcoin market cap will be bigger than gold when they’re compared side by side.”
Bitcoin’s way towards passing gold's market cap has a number of possible ways.
Either way, both assets could rise in value, with Bitcoin growing much faster.
Alternatively, Bitcoin could proceed to gain worth, while gold starts to lower.
So if it’s going to run after the first path, Bitcoin’s market cap by 2029 would have to be over the $9 trillion mark. In the other case, Bitcoin could possibly be below this mark while still beating gold’s market capitalization.
Both ways, this would be quite an accomplishment for a store-of-value asset that was founded a mere ten years ago.
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