By Hassan Mehmood (Saudi Arabia)
Bitcoin is still not considered in the list of macro assets as its market cap is in billions rather than trillions. It needs to reach 250k to attract the attention of global macro authorities.
Dan Tapiero’s Prediction
Dan Tapiero, the co-founder of Gold Bullion International, is the latest macro entry in the Bitcoin world. He expects Bitcoin to rise by 25x before it gets the attention of big players. The current market cap of $200 billion is not enough for macro authorities to think about it. Tapiero said:
“$200 billion too small to matter for macro authorities. Gold is $12 trillion and no one really cares. #Bitcoin has clearance up to at least 250k. 25x before big boy global macro authorities start caring that it exists.”
Raoul Pal, Real Vision CEO and a former Goldman Sachs exec, also believes that Bitcoin does not have a status for global asset scale. He says that most central banks even do not attract towards $10 trillion market cap.
“Yeah, 100% agree. Its currently irrelevant on a global asset scale. As you say, even a $10trn doesn’t concern most central banks. The FX market trades half that in a day. DTCC clears and settles something over a quadrillion in a year,” Pal said
Bitcoin to $150,000
Another Bitcoin supporter, Tom Lee, co-founder of Fundstrat, says that Bitcoin should trade at $150,000 or more after the recognition of Bitcoin ETF by the U.S. Securities and Exchange Commission. Bloomberg quoted Lee comment:
“If you’re involved in crypto, the SEC can look like an obstacle,” Lee stated. “They’re establishing protections for individuals and right now it’s not convenient for the industry, but if the SEC is someone that people trust” to protect them, “that’s how you get the mainstream willing to get involved in cpypto.”
We can say that Bitcoin is a small asset on a global macro scale but it will become the macro asset after Bitcoin will touch $250,000.
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