The good news keeps on pouring for Bitcoin. This time from Andy Edstrom of WESCAP Group based out of California.
Andy Edstrom said that he believes Bitcoin could go on to become an $8 trillion asset in the current decade.
Edstrom believes that Bitcoin will eventually infiltrate and take away a part of capitalization from shares, fiat, gold, offshore assets or even real estate markets.
According to the wealth manager, in the coming decade, the use cases of Bitcoin will keep on increasing which will drive several financial experts to invest in the largest cryptocurrency.
In a statement And Edstrom said,
“Whether it’s micropayments or similar things enabled by [the] Lightning [Network] or it’s Abra or similar systems whereby you can get synthetic exposure to any asset in the world just by holding bitcoin as collateral. So there’s a lot of upsides.”
2020 has been a good year so far for bitcoin, as there have been many positive signs for the largest cryptocurrency. Several global media coverages have even gone on to say that Bitcoin was the best investment in the decade ending in 2019.
In the last decade, Bitcoin’s price journey was quite exemplary as it rose from a mere cents to almost $8000. Surpassing the market valuation of some big names like US investment banking behemoth Goldman Sachs.
Noticing the upward trend in Bitcoin, experts have already termed Bitcoin as a new form of safe asset heading into 2020. Investors treat these “safe-assets” as insurance assets against gloomy macro conditions.
As per Edstrom, in the last decade, most of Bitcoin’s upside was due to FOMO( Fear of Missing Out)
According to the former hedge fund investor, the possibility of FOMO still remains even in the next bullish cycle as he believes that another surge of “hyper-bitcoinization” like the one caused by the notorious initial coin offering boom back in 2017 could happen soon.
The wealth manager further said that the topmost investors in the food chain could measure bitcoin against expansionary fiscal policies performed by central banks and governments from all across the globe.
In the podcast, Edstrom said, “look at it in any way and we see that the investment thesis of bitcoin is good.”
Some Financial Analysts still believe Bitcoin is a Bubble
Many of the traditional financial investors continue to see bitcoin as a speculative asset with no underlying value. Showing an upside sentiment in the bitcoin due to resistance from the likes of Warren Buffet and gold bull Peter Schiff.
BCG Digital Venture’s Jeff Schumacher has gone on to state that Bitcoin’s price can even drop to zero.
Speaking at the sidelines of the latest World Economic Forum held in Davos, Switzerland, Jeff Schumacher said, “I do believe it will go to zero. I think it’s a great technology but I don’t believe it’s a currency. It’s not based on anything.”
Gold bull Peter Schiff, Warren Buffet and perma-bear economist Nouriel Roubini are amongst some of the biggest financial analysts that see bitcoin’s so-called bubble popping in the coming decade.