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
Alex Dovbnya
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.  

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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, can be contacted at alex.dovbnya@u.today.

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