RBC capital markets analysts Mitch Steves and Amit Daryanani are extremely bullish on the crypto market and mentioned that the market could reach as much as $10 trillion in total value.
“On a near-term basis we think it is quite difficult to make price statements which is why we are flagging the move now in the case that it sustains,” Steves and Daryanani wrote in a research note. “Longer term, we think crypto currencies are here to stay and will likely become a large market (our long-term estimate for the Crypto Currency space is in the $10 Trillion dollar range versus $750 Billion today)
Crypto market has already started this year on a massive Bull run added more than $200 billion in just few days of 2018, they way it is growing and attracting investors from all around the world, there is very much possibility of crypto market smashing past $1 trillion mark in coming weeks.
Although cryptocurrencies are small today, many big names are in line with RBC in thinking they could get huge. With a finite supply and the number of bitcoins eventually being capped at 21 million, there’s a case to be made that prices could go a lot higher.
Recent estimates from Analysts about Bitcoin
“Early bitcoin investor Chamath Palihapitiya told CNBC on Tuesday that the value of one coin could go to $100,000 in the next few years and it could go to $1 million in 20 years. Mark Yusko, the founder of fund-of-funds Morgan Creek Capital, made a case for bitcoin going to $400,000. Former macro hedge fund manager Mike Novogratz, who now runs Galaxy Investment Partners, thinks the price is going to $40,000 by the end of 2018”
There is no doubt about the fact that Bitcoin ans other crypto currencies are here to stay for a longer period of time, many people call it a bubble but if a bubble can make you millionaire then what’s the issue with that Bubble?
Is Toronto Next to Accept Bitcoin for Property Taxes?
Toronto is the biggest city of Canada with a population of more than 6 million. It’s also one of the leading global financial centers which makes it an attractive place for investors.
Bitcoin has emerged as the leading cryptocurrency in the world and attracted a lot of attention from financial investors. There are many crypto exchanges and investors in Toronto, which makes it an important destination for crypto startups and investors.
Recently, there has been a surge in usage of Bitcoin in the Real Estate world as lot of companies around the world are now accepting Bitcoin for buying and selling of properties. In April 2019, Innisfil, A town located in Ontario, at a distance of about 1 hour drive from Toronto, announced that they will accept Bitcoin for property taxes at the municipal level. In July this year, Richmond Hill announced that they are ready to accept Bitcoin as a payment method for property taxes.
Evan Kuhn, Co-Founder of a Toronto based crypto exchange Coinberry believes that integration of Bitcoin as a payment method for property taxes in Toronto can reduce cost, not only for tax payers, but for municipalities as well. Kuhn mentioned
“It doesn’t cost homeowners to use the service, and it costs the municipalities far less in processing fees”
“A credit card company charges a 3% fee,” he said. “Our fee is .5%, so that’s a lot more beneficial for the municipalities.”
He further explained the entire process to make it simple for the users and for the authorities. “When a resident makes a payment through our exchange, the company immediately converts the Bitcoin into Canadian Dollars and pays the relevant authority, so in basic concept this entire process works like a credit card system but with lower fee for both parties”
Morning Crypto Roundup
- Crypto market entered into a consolidation phase, with market cap at around $265 billion, market is currently trading in a range
- Bitcoin stays above $10,000
- Gray scale reported in a recent report that there are 7.1 million active Bitcoin users worldwide with more than 32 million Bitcoin wallets.
- After Innisfil and Richmond Hills, is Toronto next to explore an opportunity to pay property taxes through Bitcoin?
- According to a report from CryptoCompare.com, Untrusted crypto exchanges are dominating the crypto volume with more than 2/3 share