Bitcoin’s market cap could reach $1 trillion sometime in 2021 as investors take its reserve currency status more seriously, according to Garrick Hileman, head of research at Blockchain.
The easy reading of this trend is that investors are finally realizing the value of investing in Bitcoins compared to gold as a safe haven and future value.
Stanley Druckenmiller, BlackRock, Bill Miller, and Jack Dorsey, all have acknowledged that Bitcoin is here to stay, and is becoming a reserve asset and has proved that it is indeed digital gold.
Gold exchange-traded funds (ETF) such as SPDR Gold Shares (GLD) and iShares Gold Trust (IAU) have seen outflows of over $4.4 billion in the past month alone, according to FactSet.
Bitcoin has a current market cap of about $350 billion, while gold is around $10 trillion. This week the cryptocurrency gained 12% over two days alone, and was trading at $22,994 on Saturday.
So what is the sentiment that is driving Wall Street and high-flying investors to show so much confidence in Bitcoin’s performance?
The news of vaccines has also added to the shift towards Bitcoin investment vs gold as investors see less need for “safe haven” investments and the potential for strong growth next year.
Institutions are getting interested and becoming active in the crypto market.
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