Bruce Fenton comments on Bitcoin's market value growth

Golden Finance News - According to CoinMarketCap data, since the beginning of this month, the market value of Bitcoin has risen from approximately US$21 billion on May 1 to US$26 billion on May 5. In the past five days, its market value has increased by an average of US$1 billion per day.

Whether such a good market trend can continue depends on the market in the next few days. Image source: Golden Finance

Last Friday, the market value of Bitcoin rose by more than $1 billion again, and this trend has continued in the past five days. On average, the market value of Bitcoin has increased by $1 billion every day.

However, whether such a good market trend can continue depends on the market in the next few days. Some industry insiders have expressed their views on the reasons for the Bitcoin market value, but in general, the Bitcoin market is still small, but the development potential is huge, and there is still a long way to go in terms of its scope and adoption.

Recent comments from some industry insiders support this view.

Bruce Fenton, host of the Satoshi Roundtable and member of the Bitcoin Foundation’s board of directors, recently posted a tweet that put the entire cryptocurrency Bitcoin market cap into a meaningful perspective.

On average, the market value of Bitcoin increases by $1 billion every day. Image source: Golden Finance

Bruce Fenton wrote:

“It took seven years for the value of all cryptocurrencies (Bitcoin market cap) to reach $10 billion, another year to reach $20 billion, and more than three months to reach $40 billion.”

Will these cryptocurrencies become worthless in a day? Fenton's point is to pay attention to the market trend, from which you can determine that its growth rate is increasing exponentially. Consider that the entire market has increased by about $5 billion in the past week alone.

Investor Trace Mayer once shared his views, saying that the Bitcoin market could grow further in an interview in 2013. In the video, Mayer explained that Bitcoin would reach $2.8 million per unit - the price range was between $800 and $1,200, which was at the initial stage of value discovery.

However, his tweet, following the digital currency’s recent rise to $1,500, echoes what he said in 2013 about Bitcoin’s market value. This means that current prices above $1,500 are “not cool at all,” while a price range of $2 million to $5 million would actually be cool.