On February 9, the American professional baseball team based in Washington, D.C., the Washington Nationals, announced the team has partnered with Terra, the open-source blockchain platform and decentralized autonomous organization (DAO). The Washington Nationals detail that the team is a “leading innovator” and is “consistently introducing new technologies to enhance the fan experience.” Washington Nationals Ink Long-Term Deal With Terra Major League Baseball (MLB) team the Washington Nationals has partnered with the blockchain platform and DAO Terra, according to an announcement published by the team on Wednesday. The deal with Terra follows a slew of sports-related deals with crypto firms, but the MLB team will be the first to partner with an open-source blockchain project. In addition to the partnership, the algorithmic stablecoin UST that’s issued on the Terra blockchain will be “accepted as a payment method at Nationals Park as early as next season.” “The Nationals continue t...
It seems $600,000 a coin is the minimum target for analysts over at Ark Invest, who believe Bitcoin will match and then surpass the market capitalization of gold.
Ark Invest believes Bitcoin’s (BTC) market capitalization will one day “comfortably eclipse” that of gold, and exceed $10 trillion, reports the London Times.
Headed up by veteran stock picker Cathie Wood, analysts at Ark believe Bitcoin’s $1 trillion value is set to rise tenfold in the coming years, as it moves from being a fringe asset to a mainstream financial tool.
The value of Bitcoin doubled since January 2021 alone, compounding 500% gains made throughout 2020. As is normally the case, Bitcoin’s rising tide lifted all of the boats in the wider cryptocurrency marina, sending many to new all-time highs in the process. With the global market cap now worth just under $2 trillion, the climb to the $10 trillion mark doesn’t seem too far away.
Yassine Elmandjra, a crypto asset analyst at Ark, believes Bitcoin has the potential to surpass gold’s $10 trillion market cap:
“If you look at gold as a $10 trillion market cap, bitcoin is about 10 per cent of that, and if we believe bitcoin is a 100 times better version than that, then it’s fairly safe to say that there’s a stark chance that bitcoin captures a lot of gold and market share, and more.”
But what about the effect of regulation on the future performance of Bitcoin? Elmandjra responded to claims by United States Secretary of the Treasury Janet Yellen that Bitcoin was inefficient, unstable and often used for illegal activity.
“I really think that it’s just outdated arguments as a function of their complete lack of education, which is a function of just their lack of interest in learning about this,” said Elmandjra.
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