Analysts predict bitcoin to grow almost 20 times

The director of Bitwise Investments, a crypto asset manager, has announced that he is confident in the growth of the Crypto currency despite the ongoing bear market.

In an interview with Stansberry Research, Bitwise CEO Matt Hogan said that bitcoin could rise by more than 2,273% from its current price of $ 21,062, as he believes that BTC’s market capitalization will approach gold’s market capitalization of more than $ 11 trillion.

«I think it’s quite rational to believe that bitcoin could eventually grow to half a million dollars. The estimate is that if bitcoin had the same capitalization as gold, it would be about half a million dollars per bitcoin.»

Hogan is confident that bitcoin’s market capitalization will grow to such figures, as BTC outperforms gold as a savings asset.

The leading investment strategist at Bitwise said that bitcoin is currently in a «growth phase» similar to the one gold went through in the early 1970s, right after the US government abolished the gold standard, a monetary system in which the US dollar could be converted into a fixed amount of gold.