Renowned stock picker believes Bitcoin will eclipse gold’s $10T market cap

Ark Invest believes the market capitalization of bitcoin (BTC) will one day far exceed that of gold to exceed $10 trillion, reports the London Times.

Led by veteran stock selector Cathie Wood, Ark analysts estimate that bitcoin’s $1 trillion valuation will increase tenfold in the coming years as it evolves from an ancillary asset to a major financial instrument.

The value of bitcoin has only doubled since January 2021 and has risen 500% in all of 2020. As usual, the bitcoin tide has lifted all boats in the broader cryptocurrency haven, sending many of them to new all-time highs. With a current global market capitalization of just under $2 trillion, the climb to the $10 trillion mark doesn’t seem far off.

Yasin Elmanger, a crypto asset analyst at Ark, estimates that bitcoin could surpass the $10 trillion capitalization of the gold market:

If we consider that gold has a market capitalization of $10 trillion, bitcoin is about 10% of that, and if we think that bitcoin is 100 times better, we can say that there is a good chance that bitcoin will take a big chunk of gold and market share, if not more.

But what about the impact of regulation on the future development of bitcoin? Elmanger was responding to claims by US Treasury Secretary Janet Yellen that bitcoin is inefficient, unstable and often used for illegal activities.

I really think these are just outdated arguments stemming from their total lack of education, which is a function of their simple disinterest in learning anything about the subject, Elmanjra said.

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