NEW YORK: Bitcoin hit a market capitalisation of US$1 trillion as it rose to yet another record high on Friday, countering analyst warnings that it is an “economic side show” and a poor hedge against a fall in stock prices.
“If you look at gold, it has a market cap of US$9 or US$10 trillion. Even if bitcoin gets to half of gold’s market cap, that’s still growth of 4X, or US$200,000. So I don’t know when it stops rising,” he added. Still, many analysts and investors remain sceptical of the patchily regulated, highly volatile digital asset, which is little used for commerce.
Bitcoin is an “economic side show”, it added, calling innovation in financial technology and the growth of digital platforms into credit and payments “the real financial transformational story of the Covid-19 era”. Yet bitcoin would need to rise to US$146,000 in the long-term for its market cap to equal the total private-sector investment in gold via exchange-traded funds or bars and coins, according to JP Morgan.
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