Bitcoin Targeting $50 Trillion Market Cap, Says Bitwise

Bitcoin once again takes center stage. Hunter Horsley, CEO of Bitwise, pushes boldness to its peak. He envisions a Bitcoin market capitalization capable of competing not only with digital gold but also with the dollar and US Treasury bonds. Thus, he mentions a potential of 50 trillion dollars. So, can such a transformation really be considered?

A Projection Defying Understanding

Horsley does not speak in round numbers. He bets on a global shift. If bitcoin replaces the USD as the reserve benchmark, its market capitalization could reach 50 trillion dollars. Thus, the simple comparison to gold, which limits its potential to about 23 trillion, seems reductive.

Furthermore, this forecast relies on a strategic vision. Bitwise, under Horsley’s leadership, manages the BITB ETF. This fund holds over 39,000 BTC. Currently, this represents nearly 3.7 billion dollars in assets. This figure reflects tangible trust rather than just a marketing move.

Finally, the comparison extends to traditional markets. US Treasury bonds and the dollar make up a financial universe of nearly 50 trillion dollars. Horsley suggests that bitcoin could fit into this. In other words, the cryptocurrency would become a major player in the global economy.

Bitcoin from a Macroeconomic Perspective

Next, it is necessary to move beyond the usual lens of halvings. Bull cycles no longer suffice to explain bitcoin’s movements. Now, the cryptocurrency operates as a macroeconomic asset. It reacts to global liquidity flows.

Indeed, its price synchronizes with variations in the M2 money supply. When central banks inject capital, bitcoin tends to follow the same trajectory. Thus, it ceases to be a mere speculative object. It becomes a global barometer of financial liquidity.

Thereafter, the gradual absorption of bitcoin by institutions is confirmed. Fund managers are interested in its correlations with traditional markets. Consequently, the cryptocurrency gains legitimacy. It establishes itself as a bridge between two financial worlds.

In short, Hunter Horsley’s vision invites us to rethink bitcoin. Far from being confined to the role of “digital gold,” it could establish itself as a credible alternative to major monetary instruments. Thus, the 50 trillion mark no longer seems out of reach. On the contrary, it embodies a monetary revolution already underway, to the extent that even Adam Back, who only envisioned one million, appears pessimistic.