Max Keiser, host of the Keiser Report on RT, has stated that he believes the market capitalization for cryptocurrency will exceed well into the trillions.
MAKE SURE TO FOLLOW US ON TWITTER: @BLCKCHAINDAILY
“The cryptocurrency market cap will top the trillion-dollar level and hit multi-trillion levels because it has this amazing quantum effect, pulling all the fiat money into the Bitcoin black hole store of value,” said Keiser.
The total market capitalization for all cryptocurrencies is currently at $537.5 billion at press time.
“People don’t understand that at its heart, Bitcoin is a messaging app first, a store of value secondly and a medium of exchange third. The Satoshi whitepaper is a bit misleading because it leads off by calling Bitcoin digital cash…That’s kind of misleading. It’s not really digital cash until it first establishes itself as a messaging app. Money and economics are the history of communication, trade and language. Language explodes onto the scene, trade explodes onto the scene, messaging apps explode onto the scene and similarly Bitcoin has exploded onto the scene.” Keiser continued.
In the past, bitcoin has been called “gold 2.0” by numerous financial experts like the Winklevoss twins as well as Keiser.
“You have to look at Bitcoin in relation to global debt. It’s not like $7 tln in gold, there’s $300 tln in debt – I’ve done the calculations. That would imply a Bitcoin price of over $2 mln a coin to monetize and get rid of that debt,” said Keiser.