Wedbush Securities performed a fairly simplistic analysis to estimate bitcoin's price in the next year, presuming among other things a 15% growth in payments, 5% growth in remittances, 3% growth in micro transactions, and 3% "underbanked" holding steady for the next several years and respective market shares doubling or tripling year to year. These assumptions are patently questionable, though more so is the assumption that bitcoin presently follows ordinary monetary economics and subject to the strict application of supply and demand. If there is one thing that bitcoin chart data makes clear, it's that bitcoin suffers from a price inelasticity of supply, which is to say there is a large volume of bitcoin in circulation and price and price fluctuations bear no relationship to it. Rather, they owe speculation based on inadequate understanding of the ecosystem, etc. All told, Wedbush's calculus is certainly interesting prognostication, but betrays an insufficient awareness of what's going on behind the scenes.
By aggregating the utilization of the various applications, we arrive at our $400 BTC price target, which translates to $40 per share of GBTC. This implies [roughly] $6bn market capitalization, which we would also describe an option on bitcoin supplanting some payment volumes from Visa, MasterCard, PayPal and Western Union, who combine for [less than] $300bn in market cap.