The founder and CEO of digital asset investment firm BKCM, Brian Kelly, believes Bitcoin (BTC) could skyrocket by triple-digit percentage points if a core use case is heavily adopted.
In an interview on the RiskReversal Media YouTube channel, Kelly says Bitcoin could explode by around 600% from the current level if the crypto king reaches the current market cap of gold.
“Let’s just say all you do is use it [Bitcoin] as a substitute for gold. That’s one use case among many others… …and it takes over gold.
I think the market cap of gold right now is somewhere around $15 trillion… …and Bitcoin is at what? $2.5 trillion. Something like that. $2.5 trillion to $15 [trillion]. That’s a 7x, right? So, that’s not bad.”
Bitcoin is trading at $115,580 at time of writing, down by around 6% from the all-time high reached in mid-July.
According to the digital asset investor, Bitcoin is the “most important innovation in the last 600 years of financial history.”
“It is the equivalent of the Medicis [Italian banking family]… …the Medicis started using double-entry accounting. That’s what they pioneered. And they developed basically our modern financial system, [which] is double entry accounting with a bunch of big institutions on either side. Bitcoin comes along and just automates that all.
So when I look at any other asset, any other industry out there that got disrupted by software, which is all that Bitcoin is… If I look at what happened to the post office when email came around, what happened to media when YouTube came around, what happened to radio programs when podcasts came around, they all got completely disrupted.
And that’s what you’re speculating on – that Bitcoin is going to disrupt the financial inner workings as we know it. And the technology behind Bitcoin, and the currency behind Bitcoin, will be used as this new, improved financial plumbing.”
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