Anthony Pompliano has made a very head-turning statement on Twitter on August 15, 2020, saying that the overall market of Bitcoin will be surely surpassing the market of gold by December 3, 2029, which is almost within a decade. This actually reveals one undeniable fact and that this upliftment would be providing BTC a market-capitalization of a minimum of 9 trillion USD and this is definitely a big matter to think over.
The Reply of Schiff
This tweet from the co-founder of Morgan Creek Digital made Peter Schiff tweet a reply that says that by the year 2029 he would be lucky in case BTC’s market-capitalization crosses a baseball cap’s market-capitalization. Yes, you read that right. This resulted in something even more interesting.
To this reply from Schiff, Pompliano just doubled down on the prediction he made. He replied to him with a comment that he was just attempting to remain conservative. What he said is that he thinks that ten years is rather conservative and therefore going for accounting for numerous stuff that could most probably lead to slow expansion.
As you might be aware that the present market-capitalization of bitcoin is 227 billion USD and at the same time the market-capitalization of gold is 9 trillion USD. This makes it clear that it is nearly 40% more than that of Bitcoin. The tweet of Pompliano does not make any confirming conclusion that if the capitalization of Bitcoin would be higher than gold’s present market-cap or the cap he looked forward to gold to have within a decade.
In a report, Pompliano made a clear statement regarding this issue. He said that in the year 2029, the market-capitalization would be larger than the market-cap of gold only when they are put to comparison side by side.
To be very real, Bitcoin taking over gold within the next 10 years is actually very possible. However, both crypto (BTC) and gold can show a growth in their value respectively, with Bitcoin growing at a much faster rate. As an alternative, the market-cap of gold can fall and that of Bitcoin could rise. If this happens then the market-cap of BTC can easily be more than 9 trillion USD which is for gold at present.
This can be a great reward for any of the ways for a store of value virtue built up at least a decade ago.