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.
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.
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.
"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.