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Bitcoin's (BTC) Market Cap Could Reach $1 Trillion After Alphabet: VanEck's Gabor Gurbacs

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Fri, 01/17/2020 - 14:27
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  • VanEck's Gabor Gurbacs claims that a $1 trillion Bitcoin (BTC) is "not far-fetched"

Cover image via 123rf.com

In a recent tweet, VanEck's digital asset director Gabor Gurbacs says that it's "not far-fetched" to assume that the total market cap of Bitcoin (BTC) could reach $1 trln. His bullish statement comes hot on the heels of Google's parent company Alphabet achieving this remarkable milestone. 

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A race to $1 trln

Back in 2007, state-controlled oil giant PetroChina became the first company to reach an eye-popping valuation of $1 trln but the company miserably failed to retain its market cap.        

So far, there have been only four US companies that saw their valuation rise above $1 trln. Apple surpassed this mark in 2018. It was then followed by Amazon and Microsoft, and now Alphabet has joined the 13-digit club's back.

Together with Facebook, these four giants are responsible for 19 percent of the S&P 500 weighting.    

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Is Bitcoin getting any closer? 

At press time, the market cap of Bitcoin is sitting at $159 bln, CoinStats data shows. This means that the orange coin has already surpassed the market cap of General Electric ($103.41 bln), Tesla ($92.55 bln), and Netflix ($148.4 bln).  

In order to hit the $1 trln mark, the BTC price needs to surge above $56,000. This seems like a doable price target considering that the leading cryptocurrency reached $20,000 in December 2017.            

However, it is not exactly fair to compare Bitcoin with publicly traded companies. Speaking of traditional assets, the market cap of gold is around $8 trln. Considering this, BTC has plenty of room for growth.  

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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  • Bitcoin (BTC) scammers know no quarantines or self-isolation. Dozens of fraudulent airdrops falsely endorsed by Bill Gates ask YouTubers to send in their Bitcoins.

Cover image via stock.adobe.com

Typically, fake YouTube airdrops are quite similar to each other. With the current pandemic enraging across the planet, a series of scams that impersonate Bill Gates have some distinct features.

With Bitcoin (BTC) Price Drop, Scammers are Getting Greedy

Just like in several other previous cases, the fraudsters launch fake 'live streams' on YouTube, asking users to send in their Bitcoins (BTC) in order to get redouble the initial amount.  An 'entry ticket' into to this scam starts at 0.1 BTC which is more than $650. With previous scams, it was much cheaper.

Fake YouTube Bitcoin (BTC) airdrop
Image via YouTube

The scammers also publish the URLs of this campaign, which are linked to suspicious websites. Unlike previous cases, fraudsters launch multiple live streams simultaneously. At press time of this article, at least two of them were active.

Multiple scam streams on YouTube
Image by YouTube

According to statistics, the average popularity of one live stream is about 30,000 viewers.

Very Bad Idea

Alongside that, launching fake airdrops on behalf of Microsoft's Bill Gates isn't a slam dunk for the fraudsters. It may seem ironic, but Mr. Gates is a prominent critic of cryptocurrencies, particularly of Bitcoin (BTC). He is sure that digital assets represent a kind of a ‘greater fool theory’ type of investment.

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Cryptocurrencies kill, added Mr. Gates. To him, its only use-case besides short-term speculations is illegal funding for drug trafficking:

Right now cryptocurrencies are used for buying fentanyl and other drugs, so it is a rare technology that has caused deaths in a fairly direct way.

The U.Today team will one more time state that no airdrop will be conducted without the notification from an official website of a product or token. Any YouTube, Medium, and/or Telegram announcements may shill scammers. Never send your money to unknown persons.

About the author

 Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockhain. Worked in independent analysis (Crypto Briefing) as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)

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