Pomp responded by doubling down on his forecast. He called Schiff as conservative:
“[I] Think approximately a decade is rather conservative, so trying to account for many things that could possibly happen to slow growth.”
Currently, the market cap of Bitcoin is $225.46 billion, while that of gold is roughly $9 trillion. So, the gold’s market cap is about 40x greater than Bitcoin’s market cap. Pompiliano was queried whether Bitcoin’s cap will be greater than current market cap of gold in 2029 or the market cap which gold will command in 2029.
Pompliano clarified as follows:
“In 2029, the bitcoin market cap will be bigger than gold when they’re compared side by side.”
Bitcoin can eclipse gold in numerous ways. The value of both the yellow metal and numero uno crypto can increase together, with Bitcoin appreciating quickly.
As an alternative, Bitcoin could rally, while gold loses value. If Bitcoin follows the first path, then its market cap could hit $9 trillion.
In second case, Bitcoin could be below this level while still surpassing gold’s market cap.
In any way, it would be a record for a decade old asset regarded as store of value.
Bitcoin’s market cap will surpass gold’s market cap by Dec 31, 2029.
Posting this as a receipt for the future.
— Pomp ? (@APompliano) August 15, 2020