Bitcoin Could Triple In Size To $1.5 Trillion, Says Hedge Fund Manager Hendry

In an interview with Bloomberg last week, macro guru Hugh Hendry said that Bitcoin’s (CRYPTO: BTC) total market cap is likely to almost triple in size. Hendry said that Bitcoin will be one of the top-performing assets when macroeconomic conditions worsen and that its market cap is likely to reach to $1.5 trillion.PHOTO BY NIKOLAS KOKOVLIS/GETTY IMAGES

According to Hendty, Bitcoin’s market cap will likely get a boost from regulators targeting other digital assets they don’t consider a commodity and from increased institutional involvement, such as BlackRock’s Bitcoin spot ETF push.

“When you raise rates to 5% in the UK, we’re at 20%. And we’re going to break things. That’s what the markets are telling you,” he added. 

Bitcoin’s market cap is half a trillion dollars. And Bitcoin finds itself in the world of asset allocation within a bucket that we call alternatives, you know, private equity, commercial property, gold et. al. It is a $100 trillion bucket and Bitcoin is half a trillion dollars. So it could triple and be one and a half trillion dollars. It would be half the size of Apple.Bitcoin physical commemorative coin, June 22, 2023. PHOTO BY COSTFOTO/GETTY IMAGES 

Speaking about investing in gold, Hendry said that gold is a sound investment during a downturn but that the drawback is that there is limited potential to the upside for the precious metal.

“Gold is a defense. The upside is modest. Gold is capitalized at $13 trillion. Gold would be the equivalent size of all U.S. stocks,” Hendry said. At the time of writing, Bitcoin was trading at $30,442, up by 14 percent in the last seven days. 

 

Produced in association with Benzinga

Edited by Asad Ali and Saba Fatima