Bitcoin, now valued around $2 trillion, has entered a new phase in its evolution — one that may see its total market capitalization rival gold’s $22 trillion dominance, according to several prominent investors.
After years of being dismissed as a speculative tech play, Bitcoin is now being re-evaluated by institutional players and wealth managers alike, not as a payment tool or a venture capital asset, but as a form of digital wealth preservation. That shift in perception could drastically reshape how the market values it over the next decade.
Anthony Scaramucci, founder of SkyBridge Capital, is among the voices driving this narrative. In a recent interview, he suggested that if Bitcoin continues to be seen through the lens of traditional technology assets, its market ceiling likely falls somewhere between $1 trillion and $3 trillion — putting it in the same range as companies like Apple or Microsoft.
But if it’s instead treated as a modern store of value — a kind of digital gold — then the comparison changes dramatically. In that case, he argues, Bitcoin’s valuation should eventually track gold’s, implying a 10x jump from today’s levels. That would mean a price tag near $1 million per coin.
This view, once considered outlandish, is increasingly echoed by other institutional investors who have revised their long-term models to account for what they see as a maturing, less speculative market.
If that evolution continues, two indicators will become increasingly important: user adoption and price stability. A rise in long-term holders and a decline in volatility would support the argument that Bitcoin is no longer a playground for speculators, but a tool for wealth preservation.
At present, estimates suggest that around 200 million active wallets exist globally, with roughly 100 million individual holders. To reach the kind of scale that would support a $20 trillion market cap, those numbers may need to grow nearly tenfold — putting Bitcoin in the hands of about one out of every eight people on Earth.
For now, that goal remains distant. But with each new round of adoption, the digital gold thesis edges closer to reality. And if the shift in mindset sticks, Bitcoin may ultimately find itself less compared to high-growth tech and more aligned with one of humanity’s oldest measures of wealth.
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