Bitcoin Overtakes Leading Fiat Currencies
From January of 2017 to November, the market valuation of bitcoin increased from less than $15 billion to $156 billion. That is, without the entrance and involvement of institutional investors, investment banks, and large-scale hedge funds.
Coinbase CEO Brian Armstrong noted that approximately $10 billion in institutional money will be invested in the bitcoin market in the upcoming months, which will likely increase the market cap of bitcoin by over a hundred billion dollars.
Still, with only a handful of major financial service providers and institutions actively providing bitcoin services and engaging in bitcoin trading, the market cap of bitcoin has surpassed the valuation of some of the world’s largest financial firms, such as Goldman Sachs. Analysts expect bitcoin to surpass Mastercard, the second most widely utilized credit card network behind Visa, given Mastercard’s $171 billion market cap.
Mayer emphasized that every indicator of bitcoin points towards a healthy and strong upward momentum in the short to mid-term.
“Bitcoin is now a solid top-30 world currency. $9,000 price and $150 billion market cap only tip of 1st root of 1st network effect of 7. Healthy uptrend. 200DMA $4,001 and rising approximately $30/day. 200DMA market cap nearly $65 billion & rising around $500 million per day. $9k/4k=2.25x; nowhere near overstretched. Onward and upward,” wrote Mayer.
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