Bitcoin is closing in on $100,000 for the first time, but could still double after that, according to BCA Research.
That narrative gives Bitcoin its network effect: a positive feedback system in which the asset increases in value as more people use it.
"Bitcoin, with a market value of $1.5 trillion, comprises less than 10 percent of the total market for non-confiscatable assets," he said.
"As bitcoin's share of this market increases, and the supply of bitcoins reaches its upper limit, bitcoin's price has substantial upside."
The price of bitcoin has soared 32% since Election Day in the U.S. last week.
Persons:
Dhaval Joshi, Joshi
Organizations:
BCA Research, U.S, Metrics
Locations:
bitcoins, U.S