Kay Van-Petersen, an analyst at Saxo Bank, told CNBC that Bitcoin price could hit ₦38 Mln ($100,000) within the next 10 years. BuyBitCoinsInNIgeria previously reported that the daily trading level of the cryptocurrency market was nearing that of major stock markets. However, the cryptocurrency market's trading volume continues to be just a fraction of leading stock markets such as for example NASDAQ.
To
ensure that the cryptocurrency market to surpass the trading volumes of
major stock markets, it must surpass a trillion dollar market cap. In a
interview with CNBC, Van-Petersen stated that Bitcoin alone will likely
achieve a trillion dollar market cap within the next 10 years and an
amount of ₦38 Mln ($100,000).
More compared to
that, Van-Petersen predicted the daily trading level of the
cryptocurrency market to account fully for at the very least 10 percent
of the typical daily volumes of fiat currency trades which is a
₦190 Trn ($500 bln) trading volume.
Milestone
Currently,
the daily trading level of the cryptocurrency market is about ₦1.6 Trn ($4.3 bln )
and as it has surpass 10 percent of the daily volumes of fiat
currency trades, it requires to boost with a factor of 100. Considering
Bitcoin and Ethereum's exponential growth within the last couple of
years, it's not entirely impossible for the cryptocurrency market to
accomplish this type of milestone within the next 10 years.
Van-Petersen, who's also a Bitcoin investor, told CNBC:
"This isn't a novelty, cryptocurrencies are here to stay. There may emerge 2 to 3 main ones. Bitcoin is going to be among those. And associated with the first-mover advantage, the scale and the pioneering."
Van-Petersen
also emphasized that Bitcoin will be used as an electronic currency in
remote areas of the entire world in countries which lack a well balanced
monetary system and financial networks. In countries such as for
example Venezuela, Bitcoin is really a lifeline for citizens that are
struggling to finance day-to-day operations.
Volatility
Leading
economies such as for example Japan may also be rapidly adopting
Bitcoin as an electronic currency, with a number of its largest
conglomerates accepting Bitcoin as payment. Of late, Japan's hottest
budget airline Peach and largest electronics retailer Bic Camera began
to accept Bitcoin as the state payment method.
Van-Petersen says:
"Volumes are getting up, volatility is certainly going down. Lots of people speak about the volatility, but if you're in Zimbabwe or Venezuela, this volatility is nothing. This is actually the interesting thing to me. I believe in the West, lots of people notice it is really as speculative, but emerging markets can get it, their needs is going to be different.”
Ultimately,
Van-Petersen sees industry cap of Bitcoin rising to ₦665 Trn ($1.75 trillion)
within the next 10 years. For this to take place, Bitcoin must
mature as a technology, solve most of its scaling issues and become
adopted as an electronic currency and digital cash system, rather than a
secure haven asset and long-term investment.
Buy BitCoins in Nigeria blog is the Cheapest and perfect place buy or sell your BitCoins in Nigeria at this moment. Whatsapps:+48794207320
No comments:
Post a Comment