The crypto market will rise from $500 billion next year to $3.6 trillion in 2028, a new report from Bloomberg and Satis Group predicts.
The rise will be largely due to cryptoasset market value needed to support economic activities, and within the next decade more than 90 per cent of this value will be derived from offshore deposits. Currency and privacy networks will play a bit role.
For Bitcoin, the next five years will see it rise to $96,000, with the total market cap reaching $147,690 by 2050.
The reports reads: “Within the cryptoasset space, valuation has been a hotly debated topic for many years. During 2016 and particularly 2017 it was a relatively simple discussion, which in the parlance of the space was ‘when moon’, reflecting the market’s upward trajectory and an ever-hopeful voice that 10x or even 100x could be possible in the span of a month.
“Much of 2018 has been a rather different year and a question we often hear now is ‘when tulips’ or more precisely ‘what tulips’ and a much stronger focus on valuation.”
Based on the current valuation for Bitcoin at $7,050 the study claims a rise of a massive 1941 per cent in ten years, hitting $143,900. In the shorter term, the coin is predicted to hit $32,914 in year one.
The report continues: “Despite a lack of appeal during retail frenzies, we continue to believe that BTC and its network effect will dominate end-market share within currencies and the overall cryptoasset market, driven by: 1) increasing liquidity and purchasing avenues, 2) increasing brand recognition, 3) its position as the default base-pair within the cryptomarkets, 4) declining relative volatility, 5) relative lack of attack vectors, 6) network capacity alleviation through the maturity of layer-2 solutions, and 7) an increasingly high attack and overthrow cost.”