Bitcoin's total market cap is tiny relative to global net worth, so it plausibly could grow several times larger even as a rough 'company' comparison.
Philippe Laffont frames Bitcoin against global net worth (~$450-500T), equities, real estate, and gold to argue it could realistically be 2-3x larger. ✦ AI generated
Philippe Laffont · BG2 Pod · 2025-06-20 · original ↗
starts at this moment · 9:07
“Talk to us a little bit about how you guys think about crypto maybe at the pri you know we all have post-traumatic stress from the 1920 period I think of of venture investing in crypto is that changing is it now in 2020 2020”
the market cap of the world, the net worth of the world is like 450 500 trillion. Equities I think are like 120 or stuff. Real estate's probably another 100 150. Then there's a value that people have in their homes. Uh gold is about 15 to 20 trillion uh above and under uh the ground. And then we're like Bitcoin at two.
verbatim transcript · starts at 9:07
9:07they're valued versus kind of other things. And so, how do you think about how do you think about valuing it? I mean, listen, uh, but just touching back on your point, so we we're looking at Bitcoin. It's like, all right, the market cap of the world, the net worth of the world is like 450 500 trillion. Equities I think are like 120 or stuff. Real estate's probably another 100 150.
9:32Then there's a value that people have in their homes. Uh gold is about 15 to 20 trillion uh above and under uh the ground. And then we're like Bitcoin at two. And I'm like God. So Bitcoin represents you know two out of 500 of the net worth of the world or 400 whatever it moves a little bit. Could it be four? Could it be five? And then
9:55we're like, well, the largest company, Microsoft today, is like 3.5 trillion. Let's say that Microsoft, I don't know, doubles in 10 years. It would only be growing at 7% per year. Microsoft will be a $7 trillion company in 10 years. And could Bitcoin be five or six? It's a real asset class, right? And then on top of that, it's very volatile. Then on top of that, there's a lot of retail people
10:19that uh own it. And it's almost feels like sometimes, you know, the institutional investor is wrong and the retail investor right. Sometimes it's the opposite. Retail gets caught in a little bit of a meme stock and it comes back down. And I don't think we can afford to ignore it anymore. So it doesn't mean like we don't really know exactly when and how to own it. And then
10:41your other point that's really interesting is sometimes you make some venture bets and they don't work and then you're like, [ __ ] I just invested in the wrong trend. And in fact, sometimes you invested in the wrong company, but it is the right trend. And those bad investment cloud your judgment. And there's Bitcoin, there's stable coins, which we should talk about. They're growing incredibly right now. And then there's all these
- ·Global net worth: ~$450-500T
- ·Equities: ~$120T; real estate: ~$100-150T
- ·Gold: ~$15-20T
- ·Bitcoin market cap: just ~$2T
- ·Bitcoin is a fraction of gold's value
- ·Could plausibly reach 2-3x current size