The optimistic predictions about the price of Bitcoin continue these days. Check out the latest reports about the prices of digital asset below.
At the moment of writing this article, BTC is trading in the green, and the king coin is priced at $19,126.
Bitcoin’s market cap to go to the moon
Fund manager Cathie Wood says she believes Bitcoin’s (BTC) market cap could rise meteorically. This could reportedly become more valuable than most fiat currencies around the globe.
In a new interview on What Bitcoin Did with BTC advocate Peter McCormack, the ARK Invest CEO says she asked prominent economist Art Laffer to “rip apart” Bitcoin’s whitepaper to see if BTC can serve the three roles of money.
Money is a store of value, unit of account, and medium of exchange.
Wood says Laffer said Bitcoin could potentially be the asset that upholds the value of the US dollar.
“Art [Laffer] did rip it apart, which was fantastic, and he came back to us and said, ‘I’ve been looking for this ever since we went off the gold exchange standard. It’s a rules-based monetary policy, rules-based monetary system.’ And he said… ‘It’s a rule and we need to get back to this.’ And I said to him, ‘Art, how big could this be?’ And he said, ‘Well, how big is the US monetary base?’”
She continued and said this:
“Now, Bitcoin was $250 at that time, so roughly a $6 billion network value or market cap. I said, ‘It’s $4.5 trillion.’ He said, ‘There’s your answer.’”
She also said that she ‘immediately put a lot of money’ in BTC.
“So I put, I don’t think I’ve disclosed this before, but I put $100,000 in. I don’t even know [the amount of BTC bought], and I wasn’t counting at the time. And I’ve kept it all. Because as soon as he said that, a light bulb went up.”