Crypto asset market analyst and partner at Adaptive Capital, Willy Woo, believes that the market capitalisation of Bitcoin alone will surpass $1 trillion dollars in the coming years. After letting off steam, he believes the next cycle will take Bitcoin’s market capitalisation to levels that rival that of gold today in terms of value.
The analyst also takes a rather unique, hyper extended view of Bitcoin. He consider the asset in the wider context of money and sees crypto as the beginning of “the digital age”.
Could Bitcoin Hit $50,000 by 2022?
Appearing on the Coinist Podcast earlier today, trader and Bitcoin optimist Willy Woo spoke about his current outlook on the crypto asset industry.
After discussion relating to his work with Adaptive Capital and his research into on-chain trading signals, Woo speculated on the future of Bitcoin. In response to a question about whether his much earlier call in which he stated that Bitcoin’s market capitalisation would reach that of gold by 2024, the analyst stated that he now felt it to be a little soon. Woo first made the call in 2012 when he was very new to the very new Bitcoin industry,
He stated that Bitcoin currently has another two to three years left of upside during the ongoing market cycle and that it will be during the bullish phase following a another lull that BTC surpasses gold as the planet’s primary store of value asset.
However, that’s not to say that this bullish cycle will not be impressive. The Adaptive partner believes that the price of Bitcoin will approach $50,000 at some point in the next few years. This will put its market capitalisation at around $1 trillion.
The 10,000 Year View of Money
Perhaps the most interesting portion of the interview comes during Woo’s closing thoughts. Taking a much longer view of Bitcoin, set in the context of the technology of money itself, Woo claims that Bitcoin represents the dawning of a new age in civilisation.
As we moved from hunter-gatherer societies, into agrarianism, industrialism, and beyond, the forms of money new technology makes possible and the requirements of money in ever-expanding communities slowly shift. Seashells were replaced by gold because it was a harder money, and gold was replaced by bank notes (backed by gold) because they were more useful in wider commerce.
Woo believes that the first digitally scarce asset, Bitcoin, is a crucial step forward for humans:
“If we’re in a digital age, we really want a digital currency and this is our first native digital currency… Bankers call [Bitcoin] a bubble, technologists call it a disruption, but students of history would call it the dawn of the digital age.”