The global cryptocurrency market value reached a record high of 2 trillion US dollars this Monday (April 5). Among them, the largest cryptocurrency-Bitcoin's market value share accounted for more than half of the country, as high as 1.1 trillion US dollars.

In the view of Ark Invest , a subsidiary of Cathie Wood, the "Bull Queen" , Bitcoin's journey to skyrocketing market value is far from the end, and it is even expected to "easily" surpass in the next few years. The total market value of the gold market.

As people’s interest in Bitcoin increases, there are signs that Bitcoin has gradually moved from the edge of the global financial market to the mainstream. The price of Bitcoin soared by more than 500% throughout the year last year, and has doubled again so far this year, hitting a record high of $61,606 last month.

Coinbase, the largest cryptocurrency exchange in the United States, recently announced that it is scheduled to go public on April 14th, which has become another milestone in the cryptocurrency industry.

In this regard, Yassine Elmandjra, a crypto asset analyst at Ark Investment, said in an interview with foreign media on Monday that Bitcoin has the potential to exceed the total market value of 10 trillion US dollars in the gold market.

Elmandjra pointed out, “If you think of gold as a market value of 10 trillion US dollars, the size of Bitcoin is currently about 10% of it. And if we believe that Bitcoin is a 100 times better version than gold, then we can be fairly certain Said that Bitcoin is likely to capture a large amount of gold market share, even higher than its market value."

Elmandjra also criticized policy makers including U.S. Treasury Secretary Janet Yellen. Yellen has previously warned that Bitcoin is extremely inefficient, unstable, and is often used for illegal financing.

In this regard, Elmandjra retorted, “This is obviously an old-fashioned view. These people are completely lacking in relevant knowledge and are not interested in learning this.”

Elmandjra admits that Bitcoin has "huge price fluctuations" every day, but he argues that the fluctuations in this asset highlight its credibility and independence.

In fact, not only Elmandjra, but Casey Wood, the head of Ark Investments, is also a fan of Bitcoin.

She said last week that Bitcoin's recent $1 trillion market value is not a big deal, and its market value may far exceed this level in the not-too-distant future.

When referring to the topic of Bitcoin, Wood said: "If we combine all potential demand with limited supply, we will come up with an incredible long-term number."

As the price of Bitcoin continues to widen the gap with gold, more and more market participants have recently begun to focus on the comparison between the two.

JPMorgan Chase also pointed out in a report last weekend that “Once the price of Bitcoin reaches $130,000, it will be equal to the total investment in gold by the private sector.

Considering how large the financial investment in gold is, any behavior that squeezes gold as an alternative currency means that Bitcoin has a lot of upside space in the long run."
Axact

Global Trends

Giving you feeds on what's happening in America and the world at large. Be it in tech, politics, entertainment, health and sports..

Post A Comment:

1 comments:

  1. Well I'm glad I have nearly a whole percent of one then!

    ReplyDelete

Be Civil, No Spam!!!