While we are only four and a half months in, 2020 has already been a crazy year for Bitcoin, for the American economy, and the whole world.<\/p>\n
Some have argued that the harrowing macroeconomic outlook could present a true risk to cryptocurrencies. Blockchain Capital's<\/a> Spencer Bogart told Bloomberg<\/a> last year:<\/p>\n “When you think about really severe crises taking place, a liquidity crunch, another global financial crisis, I think that Bitcoin will struggle to do very well from a price perspective.”<\/p><\/blockquote>\n But one prominent Wall Street veteran believes the global outbreak of COVID-19 will cause the value of BTC to skyrocket past its $20,000 high.<\/p>\n The price target the investor speculated is ~$500,000 per coin. Here's why he thinks this isn't such a crazy prediction.<\/p>\n Raoul Pal<\/a> \u2014 chief executive of Real Vision and a former Goldman Sachs executive \u2014 recently sat down with one of Bitcoin's earliest public bulls, Max Keiser<\/a>, to talk about the outlook for cryptocurrencies.<\/p>\n Responding to an inquiry from Keiser regarding Bitcoin's potential to begin to rival gold, which has approximately a $9 trillion market capitalization, Pal remarked:<\/a><\/p>\n “If it becomes an ecosystem, and we believe it will be and it will take the whole ecosystem with it as well, then yes, I think a $10 trillion number is easily achievable within that process.”<\/p>\n<\/blockquote>\n A $10 trillion market capitalization corresponds with more than $500,000 per coin.<\/p>\nBitcoin hitting $10 trillion market cap is “easily achievable”<\/h2>\n
\n