Bitcoin in uptrend but BTC may never beat gold’s $10T market cap — ex-NYSE head
Bitcoin has defied all odds and is now worth more than gold, but it may never approach the $10 trillion market cap that gold has accumulated over the past few decades.
The cryptocurrency market has been on a tear this year with Bitcoin’s price soaring from $1,000 to nearly $20,000 in just over a year’s time. However, the Bitcoin price rise is not a reason to celebrate. In fact, it may not even be a reason to celebrate, given that the market cap of Bitcoin is still dwarfed by that of gold, which has a market cap of over $10 trillion.
It is a bit ironic that a blog about bitcoin is called whatisbitusd. The cryptocurrency has been on a tear in the last few years and has risen from a mere $0.0048 per coin in January 2017 to a recent high of $11148.73 in April 2018. Gold, on the other hand, is the ultimate safe haven investment, but in spite of this, there are some who still believe that bitcoin has all the potential to surpass gold’s $10 Trillion market cap.. Read more about gold market cap chart and let us know what you think.
Bitcoin (BTC) is trending from left to right to up, and the volatility shouldn’t deter investors, according to the former New York Stock Exchange official.
In an interview with CNBC on 23. In June, Thomas Farley revealed his long-term beliefs about bitcoin and dismissed concerns about the falling bitcoin price.
Bitcoin: Things are getting better, but not just upstairs
A day after CNBC pundit Jim Cramer admitted to selling his Bitcoin stash and suggesting that BTC/USD could fall to $10,000, Farley gave a much-needed pep talk to the general public.
Was die jüngsten Preisbewegungen angeht, bin ich etwas optimistisch – Bitcoin ist eine sehr volatiele Anlageklasse, teilweise weil es eine neue Anlageklasse ist, sagte er dem Sender.
I have no doubt that it will increase in the long run and decrease in the long run. I still think it’s a trend from bottom left to top right, and I think we’ll see how it develops over the next five years.
With the mining upheaval in China still on everyone’s lips, popular criticism of bitcoin’s energy consumption was also quickly dismissed as a temporary problem.
I think this feud is an interesting discussion, but overall I think it will be resolved because I think blockchain, at its core, will improve efficiency and energy efficiency over time, he continued.
Less convinced about gold compared to bitcoin
When it comes to bitcoin as digital gold, Farley has been more conservative in his predictions.
Bitcoin, which currently has a market capitalization of less than $1 trillion, must transform itself to stay on the level of blue chips.
Related: Join the ranks: Correlation of bitcoin with gold and stocks rises
I think the current ceiling is gold, which has a market value of about $10 trillion, he said.
For bitcoin to ever overtake gold, it needs to become a more recognized form of currency – frankly, I’m not sure it will come to that.
Proponents argue that it is inherently only a matter of time before bitcoin will eclipse gold, as its supply is ultimately infinite and it cannot surpass bitcoin in all aspects of currency.
The precious metal fell sharply last week following comments about US Federal Reserve policy.
To overtake gold, bitcoin would have to trade at over $533,000 at the current supply level.If you have been following Bitcoin over the past few years, you’ll know that since early this year the Bitcoin price has been on a tear. The Bitcoin price stood at around $1,000 in January and $6,000 in December, by November of this year, it had already reached $10K. Since it broke the $10K barrier, the Bitcoin price has been on an upward trend, and is currently sitting at $11,750.. Read more about gold market cap 2020 and let us know what you think.
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