The CEO of Bitcoin (BTC) wallet and payments application Strike, Jack Mallers, believes that the top digital asset’s market cap may shoot up by trillions of dollars.
In a new interview with Pomp Investments founder Anthony Pompliano at the Bitcoin Investor Week in New York, Mallers says that Bitcoin is a store of value asset that can easily compete with other assets used to store value, such as art or real estate.
“[Bitcoin’s] product-market fit is in what people are calling store of value. Humans own about $900 trillion worth of stuff right now. That’s currency, real estate, art, collectibles, precious metals like gold – $900 trillion worth of stuff. It’s estimated that about half of that is monetized, meaning they own the stuff, they own the house, they own the art, they own the precious metal, not to consume it, not to live in the house, not to look at the art … but because they’re trying to store wealth. They’re trying to preserve value… That means the market opportunity to store wealth, store value … is about $400 trillion to $500 trillion.”
He predicts that Bitcoin will capture a much larger portion of the store of wealth market cap in the coming years.
“So when people say, you know, can Bitcoin go higher than $100,000, the way I think about it is, right now Bitcoin’s about $1.5 trillion in market cap is going after a $400 trillion to $500 trillion opportunity… So I think Bitcoin still has a 400x to 500x left in it…
I think Bitcoin is going to grow to hundreds of trillions dollars in market cap.”
Bitcoin is trading for $80,964 at time of writing, down 3.3% in the last 24 hours.
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