Chris Burniske: Bitcoin(BTC) will hit $1 trillion in the next bull market
|- Chris Burniske recently tweeted that Bitcoin market cap will reach trillion dollars in the next bull market.
- Galaxy Digital Holdings CEO, Mike Novogratz, believes that institutional investors will be crucial to Bitcoin reaching a trillion dollar.
Former crypto lead at ARK invest and partner at the New York-based crypto venture capital firm Placeholder, Chris Burniske, believes that Bitcoin’s market cap will pass $1 trillion during the next bull market. Burniske tweeted:
"Looking at the top 10 crypto assets at the end of each year makes me think #bitcoin gets to $1 trillion on its own in the next bull market."
To hit these lofty goals, Bitcoin needs to become proper store-of-value with a robust infrastructure to handle the vast influx of capital. The chairman of New York Stock Exchange, Jeff Sprecher, explained earlier in an interview with Fortune that Bitcoin still has problems with its market structure:
“Bitcoin does not have a good market structure. Even for Bitcoin, different markets are posting lots of different prices. And you can pay an up to 6% spread to exchange dollars for Bitcoin, meaning Bitcoin needs to rise by as much 6% before you break even.”
Galaxy Digital Holdings CEO, Mike Novogratz, believes that institutional investors will be crucial to Bitcoin reaching a trillion dollars:
“It won’t go there [trillion dollars] right away. What is going to happen is, one of these intrepid pension funds, somebody who is a market leader, is going to say, you know what? We’ve got custody, Goldman Sachs is involved, Bloomberg has an index I can track my performance against, and they’re going to buy. And all of a sudden, the second guy buys. The same FOMO that you saw in retail [will be demonstrated by institutional investors].”
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