Bitcoin has changed the climate of the cryptocurrency industry by rising above the $9000 mark and in turn, giving a boost to its market cap as well. Although the community still has its fair share of critics, a majority of the members foresee a positive future for the world’s largest cryptocurrency.
In the latest Off the chain release, Anthony Pompliano, Founder and CEO of Morgan Creek Digital Capital, spoke about the volatility of the king coin and its fundamentals. He also touched upon the investment case of the cryptocurrency, along with the “single biggest data point’ in the Bitcoin ecosystem.
“There are only 21,000,000 bitcoins that will ever exist. As of yesterday, a little more than 17,761,000 have been mined. Of that 17,761,000+ bitcoin, 661,862 were mined in the last 12 months. The current hash rate on the Bitcoin network has again reached all-time high levels, making the network more secure than ever before.”
Bitcoin’s hash rate was also discussed, a metric that reached its all-time high two days back. In Pomp’s words,
“The hash rate has seen a 10X+ increase over the last 24 months and it wouldn’t be surprising to see this accelerate as we go deeper into a new bull market.”
The CEO was confident in Bitcoin’s ability to surpass all expectations because it was calculated that on a daily basis, Bitcoin’s adjusted volume was always above the $3 billion mark. This would mean that, extrapolating the same performance, the king coin would clock in a whopping $1 trillion in terms of annualized transaction volume. Pompliano added,
“To put that in context, Visa does ~$8 trillion in annual transaction volume and Mastercard does ~$4 trillion.”
The Morgan Creek official then focused on Bitcoin’s performance as an investment asset. According to him, if a user had bought BTC from the start and held it till today, there was only a comparatively small 90-day window where the digital asset was unprofitable.