Bitcoin Could Triple In Size To $1.5 Trillion, Says Hedge Fund Manager Hendry

According to Hendty, Bitcoin’s market cap will likely get a boost from regulators targeting other digital assets they don’t consider a commodity and from increased institutional involvement, such as BlackRock’s Bitcoin spot ETF push.

“When you raise rates to 5% in the UK, we’re at 20%. And we’re going to break things. That’s what the markets are telling you,” he added. 

Speaking about investing in gold, Hendry said that gold is a sound investment during a downturn but that the drawback is that there is limited potential to the upside for the precious metal.

“Gold is a defense. The upside is modest. Gold is capitalized at $13 trillion. Gold would be the equivalent size of all U.S. stocks,” Hendry said. At the time of writing, Bitcoin was trading at $30,442, up by 14 percent in the last seven days. 

Produced in association with Benzinga

Edited by Asad Ali and Saba Fatima