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.
Continue reading your story on the app
Continue reading your story in the magazine
Architects Pick Their Favorite Building Material
Henry Ford, the father of assembly-line manufacturing, had a saying: “Any customer can have a car painted any color that he wants so long as it is black.”
POWERFUL WOMEN IN FINANCE
The coronavirus is not only a public health crisis of magnitude – it’s also a looming reshuffle of the global economic order. Leading through the pandemic and economic crisis is not a minor accomplishment, but the events of this past year haven’t stopped the 10 trailblazers who make up Industry Leaders’ Most Powerful Women in Finance list.
GERMANY ADOPTS NEW LAW TO HASTEN THE END OF COAL PLANTS
A new climate law adopted by Germany requires that all coal-fired power plants be shut down before the promulgated 2038 deadline. In January 2020, the German government had negotiated a deal worth €40 billion to phase out coal power by 2038, but now it seems the country is in a hurry to end its dependence on coal power due to urgent climate concerns.
IRS AND JUSTICE DEPARTMENT INVESTIGATING CRYPTO EXCHANGE BINANCE
Singapore-based Binance was co-founded in 2017 by Changpeng Zhao, and is the largest cryptocurrency exchange in the world. The US Commodity Futures Trading Commission (CFTC) is probing money laundering and tax-related offenses on the platform by any US citizen. They are investigating whether any illegal trading of derivatives linked to digital tokens was done. The United States residents can only purchase these kinds of products from firms registered with the CFTC.
GEN Z ANGELS
INVESTORS SEEM TO BE GETTING YOUNGER AND YOUNGER.
Biggest AI Talent Grab of the Year
In a post-COVID-19 world, the role of Mergers and Acquisitions (M&A) will be redefined. Companies striving to defend their existing markets and accelerate recovery are looking at a wide range of strategies such as alliances and partnerships. In addition, deal-makings now have to reflect the new environmental and societal priorities of the post-crisis world, which include making organic changes like going virtual, remote collaborations, and potentially less inperson networking.
POSTWAR BOOM
PANDEMIC BRINGS GOOD SALES GROWTH FOR LUXURY CAR BRANDS
GOOGLE PLANS TO BUILD A COMMERCIAL QUANTUM COMPUTER BY 2029
Google is confident it can build a commercial-grade quantum computer by 2029. The search engine giant’s chief executive Sundar Pichai announced the plan to build a quantum computer during the Google I/O stream. To follow through on this ambitious journey is an important milestone in the form of a new Quantum AI campus in Santa Barbara, California, where Google engineers and scientists will be hard to work to build the world’s first commercial quantum computer.
BEYOND THE STARS
The dream of space tourism is alive and well.
2021 SEMICONDUCTOR CHIP SHORTAGE
The semiconductor chip shortage is far from over but this hasn’t stopped governments around the globe from getting creative to move production ahead. The impact of the chip crisis on the automotive market has been debilitating, resulting in competition between automakers and electronics manufacturers.
When Hodl Failed
Three Arrows Capital, the most important hedge fund in crypto, set off a digital-asset contagion
Don't Forget an Exit Plan
Did a novelty rapper and her startup-guy boyfriend commit history's biggest heist?
When the Mines Close
As many as 1 million people will lose income after a change in the architecture of Ethereum
Crypto In Your 401(k)?
Just because you may soon be able to buy Bitcoin in your workplace retirement plan doesn’t mean you should.
How @jack got crypto pilled
Jack Dorsey, co-founder of Twitter and Square, has a new obsession
Hacking the Blockchain
High volatile and high-risk – just how safe is the world of cryptocurrency?
Who's Going to Regulate Crypto?
A major exchange is pushing to give more power to the U.S. commodities watchdog
Gold Rush
With climate change wreaking havoc across the planet, we were just beginning to think about how we could use our technology to conserve fuel and reduce our carbon footprint. Then along came crypto mining.
The Money Game: Jen Wieczner
Crypto’s Moral Ledger For the big trading platforms, the war in Ukraine has turned borderlessness into a liability.
Other Side of the Coin
Revix CEO and crypto connoisseur Sean Sanders talks NFTS, blockchain, and rewriting the financial system.