Bitcoin has had a significant year so far (and 2021 could be even more significant). Bitcoin's higher than multiplied in price through 2020 and this week exceeded its 2017 market capitalization, the combined price of all devised BTC tokens.
The bitcoin rate has added around 50% this month, shooting toward its all-time high of about $20,000 per BTC and accelerating its market cap briefly above $350 billion, driven on by a flow of institutional interest in BTC.
Bitcoin dealers and investors are now turning to what will occur if BTC does lead to break its all-time high—with one analyst predicting it will be the start of a two-year run to a $1 trillion BTC market cap.
"$20,000 bitcoin is the initial barrier toward a $1 trillion market cap," Bloomberg Intelligence senior commodity strategist Mike McGlone said through Twitter beside a chart explaining how he believes BTC could touch the milestone before the end of 2022.
If bitcoin were to touch a $1 trillion market cap, it would indicate an expansion of today's BTC price of nearly 200%—making one BTC token value a whopping $50,000.
"The digital version of gold but with more-limited supply and a history of adding zeros seems to be in an early price-discovery stage and may just continue its rise in 2021," McGlone stated, adding: "Mainstream adoption is rising."
Bitcoin has recovered hard since falling to below $4,000 amid the COVID-19 crash in March, supported by some of Wall Street's largest banks and investors turning to BTC as well as payments giant PayPal rolling out bitcoin buying and spending services to its 350 million users.
Some think BTC touching its all-time high market cap this week means more than the BTC price touching $20,000.
"With all the buzz surrounding bitcoin reaching $18,000, I think the more interesting development is the market cap of bitcoin being at an all