Binance and CZ fight back with a motion of dismissal
Following the lawsuits against Binance from the SEC, the exchange and its CEO have filed a motion of dismissal.
Blockstream CEO Adam Back believes Bitcoin will see a $1 trillion USD market cap within two years, suggesting that five years is a conservative amount of time.
In a response to a cryptocurrency advisor Yassine Elmandjra, an analyst at investment advisory firm Ark, Back bullishly commented on the likelihood of Bitcoin growing in market cap significantly within two years’ time. He offered:
Conservative. I’d say #bitcoin likely sees $1trillion market cap within 2years, probably sooner. $1trillion is about BTC $50k. https://t.co/LJeq53DXgM
— Adam Back (@adam3us) October 5, 2020
Bullish prediction for Bitcoin market cap growth
For the market cap to hit $1 trillion USD, Bitcoin would need to surge by an impressive 400%. According to Elmandjra’s report, Bitcoin stands to see significant growth owing to its attractive status as an investment opportunity. As reported:
“We believe its rapid growth has positioned bitcoin to earn an allocation in well diversified investment portfolios. Bitcoin offers one of the most compelling risk-reward profiles among assets, as our analysis suggests it should scale from roughly $200 billion today to $1-5 trillion network capitalization during the next five to ten years. In our view, capital allocators must consider the opportunity cost that will be associated with ignoring bitcoin as a new asset class.”
This has not been the only case of positive predictions for the cryptocurrency. While there is still an air of caution regarding estimations because of the volatility associated with the industry, Bitcoin advocates seem to be holding a bullish approach at present. This seems to be the case, especially given the rocky state of the global economy.
Read more: 2020 Bitcoin Price Predictions: What Do Experts Say?
Several analysts suggest that the cryptocurrency market will surge by the end of the year given Bitcoin’s inverse-correlation with the weakening dollar. Others believe that the digital asset will boom owing to historic data points which indicate a possible spike in the near future.