Adam Back believes that Bitcoin could boost its market cap by 400% in under two years.
ARK is well known for its enthusiastic price forecasts for Tesla stock, which saw an almost unbelievable rise in 2020.
“Conservative. I'd say #bitcoin likely sees $1 trillion market cap within 2 years, probably sooner. $1 trillion is about BTC $50k,” he said.
As of October 2020, Bitcoin’s market cap is just over $198 billion. For Back’s prognosis to come true, the market would need to see a 400% increase by 2022.
Analysts betting on a breakout
BTC/USD would trade at $100,000 under such circumstances, while to equal gold, the pair would need to reach $500,000.
As Cointelegraph reported, Bitcoin price activity is currently much more subdued, with analysts expecting more sideways action to characterize the remainder of the year.
At the same time, anticipation is building over BTC/USD abandoning its correlation to traditional macro assets and rising in line with historical behavior — specifically centered on predictions from the stock-to-flow price forecasting models.
Stock-to-flow calls for an average price of $288,000 during the current halving cycle, which began in May and will last until 2024.