Ben Strack

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 <li>Bitcoin has similar characteristics as a store of value asset to real estate, which has a $250 trillion market cap, Held said</li>
 <li>Bitcoin’s market cap represents nearly half of the overall crypto market </li>
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Though bitcoin’s market cap hit $1 trillion again during its <a href="https://cms.blockworks.co/bitcoin-eyes-fresh-peaks-trading-above-55k/" target="_blank" rel="noreferrer noopener">latest price rally</a>, Kraken Growth Marketing Director Dan Held said Wednesday that number is a small fraction of the crypto asset’s total addressable market.



<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">“I think it’s very reasonable to see bitcoin in that $50 trillion to $150 trillion market cap size in its final existence if bitcoin succeeds as a global reserve currency, or gold 2.0,” Held said during CoinDesk’s virtual Bitcoin for Advisors event.</blockquote>



Gold’s market capitalization is currently about $10 trillion, while all fiat money is roughly $60 trillion, the Kraken executive noted.&nbsp;



Real estate, which Held called a “quintessential store-of-value asset across the world,” carries a market cap of about $250 trillion globally.



“If there’s someone who’s wanting to park $10 million in a property in London, they’re parking that into real estate because of a lot of similar principles [as bitcoin] — fixed supply, or a semi-constrained supply, strong property rights,” he said.&nbsp;



Bitcoin’s market capitalization was at about $1.04 trillion as of 5:00 pm ET Wednesday upon its price eclipsing $55,000, according to <a href="https://www.coingecko.com/en" target="_blank" rel="noreferrer noopener">CoinGecko data</a>. The global cryptocurrency market cap stands at about $2.4 trillion, with Ethereum’s $425 billion market cap being the second highest in the space. 



Held leads growth marketing at Kraken, the largest crypto exchange by euro trading volumes. He formerly worked at Interchange, a portfolio reconciliation tool for crypto institutional traders that Kraken acquired in 2019.&nbsp;



His comments come after other industry executives have made bullish predictions about the growth of the crypto market.&nbsp;



​​Pantera Capital CEO Dan Morehead <a href="https://cms.blockworks.co/das-2021-crypto-market-could-hit-40t-in-five-years/" target="_blank" rel="noreferrer noopener">said during a panel</a> at Blockworks’ Digital Asset Summit last month that the overall cryptocurrency market capitalization could hit $40 trillion in five years. While he noted that bitcoin could grow by 10 times during that span, Morehead expects other crypto segments to go up even more.



<a href="https://cms.blockworks.co/pantera-capitals-morehead-we-are-in-a-new-bull-cycle/" target="_blank" rel="noreferrer noopener">Morehead said</a> in Pantera’s latest investment letter on Wednesday that “we’re in a new bull market.”



Held also called unit bias — the concept that investors would rather buy a whole unit of a given currency instead of a fractional quantity — a problem during the virtual panel.&nbsp;



“The price is relatively meaningless unless we know how many units are out there, so we should look at market cap,” Held said. “At a $1 trillion market cap, bitcoin is very undervalued.”

Dan Held

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