Crypto market cap "will surpass $1 trillion": Sirer explains how...

31 Mar, 2019 | Updated: 01 Apr, 2019
by David Robb
Opinion
Crypto market cap will surpass $1 trillion: Sirer explains how...

Cornell professor and blockchain expert Emin Gün Sirer recently gave a bullish prediction for the future of Bitcoin. He claims that its total market cap will eventually reach $1 trillion, and gave an outline of how this is likely to come about.

Sirer was responding to an article from The Economist that suggested Bitcoin's days may be numbered. He started out by insisting that arguments made about crypto based on the price of assets are fundamentally flawed, giving a few examples of how its value has changed as the underlying technology has remained essentially the same.

Read more: 5 reasons it's not too late to get into crypto

Unlike many in the crypto community, the Cornell professor didn't place the blame for a lack of understanding firmly at the door of regulators and the 'mainstream media'. He pointed out how "coin pumpers" deliberately mislead potential investors on a regular basis, and claimed that the SEC's reluctance to take a more permissive attitidue to Bitcoin was understandable, given how many people in crypto are willing to go along with this practice.

According to Sirer, the fact that the crypto industry managed to reach a $700 billion market cap with technology that was "inherently unscalable" and generally immature suggests good things for its future. He believes that a much higher market cap will be possible once scalability is solved, along with better use cases and improved custodial solutions.

Read more: Will Bitcoin replace fiat money?

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Read more about: Bitcoin (BTC)

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