When they talk, you listen. Millionaire Investor Kevin O’Leary, Raoul Paul, and Goldman Sachs spoke about Bitcoin and the crypto market. While Goldman Sachs threw its weight behind Bitcoin, Paul stated that he believed the crypto market could grow 100x by 2030. On the other hand, O’Leary stated that he believes NFTs will eventually become bigger than BTC.
BTC Could Hit $180,000
While the current market may be in a rut, Goldman Sachs believes that the world’s largest and most popular cryptocurrency will be making significant gains in the coming few years. BTC has seen a significant drop recently, but in a report published this week, Goldman Sachs stated that BTC could double or grow even beyond that, reaching $138,000 within the next five years.
In the report, the co-head of global foreign exchange, rates, and emerging market strategy for Goldman Sachs, Zach Pandl, stated,
“We think that bitcoin’s market share will most likely rise over time as a byproduct of broader adoption of digital assets.”
Mr. Pandl stated that BTC would capture the market from gold, significantly growing its value as a store of value over the precious metal. Eventually, Bitcoin’s market share in the store of value market share would climb from the existing 20% to around 50%, which could possibly push BTC to $180,000.
Crypto Market Cap to Grow 100x, Says Raoul Pal
Real Vision CEO and former Goldman Sachs hedge fund manager Raoul Pal has predicted that the market capitalization of the crypto market could increase by 100x by 2030. While the current figure stands at around $2.2 trillion, Pal believes that this could become $250 trillion if the growth and network adoption models keep up their current pace.
He pointed at the benchmarks of other asset classes and markets such as real estate, bonds, and equities, stating that all of them have market capitalizations around $250-$350 trillion.
“If I look at the total derivatives market, it’s $1 quadrillion. I think there’s a reasonable chance of this being a $250-trillion asset class, which is 100x from here, which would be the largest growth of any asset class in all of history in the shortest period of time. That will pretty much dovetail in with the idea that 3.5 billion people are using it — that’s just extrapolating the growth numbers of the network. So, if [there are] 3.5 billion users in 2030, the market cap’s going to be something like $250 trillion,”
However, the crypto market has been down by nearly 7% over the past 24 hours, with all major cryptocurrencies seeing a significant drop.
NFTs Could Become Bigger Than BTC
Crypto Proponent and millionaire investor Kevin O’Leary has stated that he believes NFTs could see significant growth in the future and possibly surpass even Bitcoin in value. O’Leary made the comments in a conversation with CNBC’s Capital connection, saying that he believed NFTs have more potential to attract capital because they can be tokenized and used to authenticate digital and even physical assets. He further added,
“You’re going to see a lot of movement in terms of doing authentication and insurance policies and real estate transfer taxes all online over the next few years, making NFTs a much bigger, more fluid market potentially than just Bitcoin alone.”
However, he stated that as far as his investments are concerned, he will be “betting on both sides of the equation.”
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.