Crypto Punk Adam Back: Bitcoin Market Cap 'Should Reach $200 Trillion'
The renowned British crypto punk and cryptographer Adam Back recently boldly claimed that Bitcoin's market cap 'should be around $200 trillion.' He believes that the endless printing of money globally will ultimately drive funds into scarce assets like Bitcoin, pushing it to astronomical valuations.
This prediction far exceeds various benchmarks in the current financial markets:
The total market cap of the S&P 500 is about $40 trillion, accounting for roughly 40% of the global stock market.
The market cap of gold, a traditional safe-haven asset, is $13 trillion.
The total global GDP is approximately $105 trillion.
The total value of global real estate is about $300 trillion.
Back received an email from Satoshi Nakamoto as early as 2008, and was quoted in the Bitcoin whitepaper, but only started buying Bitcoin in 2013. Since then, he has been a staunch 'Bitcoin bull' forever.
His views are similar to those of well-known venture capitalist Tim Draper, who has stated that if the dollar collapses due to inflation or loss of confidence, Bitcoin could 'rise to infinity.'
Although $200 trillion may sound unattainable, Back firmly believes that in a world flooded with fiat currency, this is entirely possible.
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