‘Should Be About $200 Trillion’
Famed British cypherpunk Adam Back has opined that Bitcoin’s market cap should be around $200 trillion.
The prediction is, of course, seemingly unrealistic given that the S&P 500, which represents the 500 largest US companies combined, is worth $40 trillion. It accounts for around 40% of the global stock market.
Gold, the main safe-haven asset, has a market cap of roughly $13 trillion.
The current global GDP of all countries combined stands at roughly $105 trillion.
The total value of global real estate stands at close to $300 trillion.
Back, who was cited in Satoshi’s legendary white paper, is convinced that “more money printing” could eventually push Bitcoin to such pie-in-the-sky milestones.
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This essentially echoes the prediction of famed venture capitalist Tim Draper, who believes that Bitcoin will surge to infinity against the U.S. dollar in case of devaluation.
A long-time permabull
Back has clarified that he has always been a Bitcoin permabull since 2013, the year he purchased the leading cryptocurrency for the first time.
The prominent cryptographer initially learned about Satoshi’s “e-cash” when he received an email from the Bitcoin co-founder in August 2008.
Despite the fact that Back was among the first people to hear about Bitcoin, the cypherpunk did not act on it for years.