“Gold today has around $7 trillion outstanding. If you take, say, 5 to 10 percent — I’ll let everyone do the math — bitcoin has upside,” he explained on CNBC’s “Futures Now” on Thursday.
Bitcoin currently has a market cap of $128 billion, according to Coindesk. If 10 percent of the gold trade were to shift into bitcoin, it would more than triple its market cap, by Gurbacs’ calculations.
“Bitcoin is used as digital gold today. It’s a de-risk asset. Basically if someone wants to outlay systematic risk, then one would go to access gold or digital gold (bitcoin),” he added.
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