Popular on-chain analyst and long-time Bitcoin supporter Willy Woo says that BTC’s market capitalization will likely skyrocket to $20 trillion if authorities handle the cryptoasset’s regulation properly.
During a recent interview on The Jay Gould Show, Woo predicted that Bitcoin’s market capitalization could rise to $20 trillion over the next one to two decades.
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As reported by The Daily Hodl, he said,
I think it [Bitcoin’s market cap] will be more. Maybe close to $20 trillion.
Despite being bullish on the outlook for Bitcoin, Woo said the market cap would ultimately be defined by the impact of regulation moving forward. He claimed there were a lot of “unknowns right now,” and that Bitcoin’s price trajectory in the coming years would be dependent on how things play out on the regulatory landscape.
Woo noted the variable impact of central banks around the world on cryptoassets. In particular, he said that authorities in Europe have been negatively influencing Bitcoin’s price by spreading fear, uncertainty and doubt (FUD) about crypto.
He told Gould,
The central bankers, particularly in Europe, are dooming Bitcoin and there’s a lot of FUD right now. I think how that resolves matters.
Woo warned that poor handling by central banks could lead to Bitcoin failing to achieve its ultimate potential. He said there was a “fair chance” that Bitcoin would be relegated to a “good try,” in the form of a $1 trillion dollar capitalization, with investors considering it an exotic or alternative asset rather than a dominant financial instrument.
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.