The relationship between Bitcoin and Bitcoin bulls have been growing strong even when the bearish market is not ready to relent the cryptocurrencies yet. This time around, Joey Krug, the co-chief investment officer of Pantera Capital has made a prediction that the next bitcoin bull run will take the cryptocurrency market cap 1,000 percent above its current valuation.
The COI of one of the largest investment firms of the cryptocurrency ecosystem foretasted the aforementioned during an interview with Bloomberg. According to Krug, the next price hike could propel the cryptocurrency market cap to more than $2 trillion.
“If you look at that next bull run, I think the crypto space overall could hit 10x from here.”
Krug also noted that the news of major financial institutions like Fidelity Investments and Intercontinental Exchange (ICE) entering the market should have surged up the prices till now. However, he suggests that the market and the investors are awaiting a concrete adoption to catalyze a bull run.
Thinking a step ahead, Krug suggested that expecting a big bull, cryptocurrency networks should aim to achieve increased scalability. Like most of his bullish colleagues, he compares the current state of cryptocurrency blockchain development to the internet before dial-up. He stated:
“If you look at the internet, it’s easy to say, ‘Well, you just create an app, get some users, and then you solve the scalability problems.’ But these are all markets, and so if you don’t have scalability, you don’t have market makers, and so you don’t have liquidity.”
He agrees that Blockchain technology isn’t at its full throttle yet, in its baby stages it still has a long way to go. However, he is positive that the a few of the cryptocurrency networks would be successful in achieving the Visa/Mastercard scale within the next couple of years. In saying so, he did not imply that the bear run will endure for that long period.
Like most Bitcoin/Cryptocurrency bulls he believes that the market has bottomed out and all that remain is to wait until the next major catalyst arrives.