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Bitcoin Still Has A Lot Of Upside Potential: Lark Davis

Bitcoin Defies Macro Environment to Surge Above $20,000

Lark Davis, a well-known crypto influencer, tweeted predicting the growth of Bitcoin’s market capital in the next few years.

He compared the overall market capitalization of different types of assets, like real estate, bonds, equities, money supply, and gold, with Bitcoin.

We can clearly see from the tweet that Bitcoin has way less market capitalization as compared to other leading assets, and this clearly shows that “we still have a lot of upside potential.”

Market Capitalisation of Bitcoin

Source

In order to compute market capitalization, the number of bitcoins in circulation and the Bitcoin price are multiplied together.

After a boom in popularity in 2017, Bitcoin’s market valuation has grown from around $1 billion in 2013 to many times that amount. Currently, the market capitalization of Bitcoin is around $800 billion.

Consumers’ usage of Bitcoin

The public is just now becoming aware of its existence, despite the fact that its market value increased at an incredible pace between 2013 and 2017. As of 2019, as many as 25% of Americans have never heard of bitcoin.

Over 18 million bitcoins are in circulation, yet only 6,674 bitcoin ATMs exist worldwide. Therefore, its physical presence is modest, and the vast majority of ATMs are found in the United States of America (USA).

Bitcoin prices

The decentralized nature of the bitcoin network means that it differs from conventional forms of money in that no single entity or bank has authority over it. In addition, it’s one of a kind due to its ease of use and total openness.

Since its inception, the bitcoin price index (which measures the average price of bitcoin across the world’s largest exchanges) has risen sharply, from $367 in January 2016 to over $13,000 at the end of December 2017. At present, the Bitcoin price is $41,879.

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