IS BITCOIN THE FUTURE OF CURRENCY?

“Remember, bubbles happen around things that fundamentally change the way we live,” says Mike Novogratz, Galaxy Investment Partners, about how Bitcoin can hit the $10,000 mark soon.

This Friday was a big day for the fast-growing cryptocurrency, Bitcoin. Bitcoin’s market capitalization surpassed all major stocks like Goldman Sachs and Morgan Stanley, making it their all-time high.

It hit a record-high $5856.10 on Friday morning, according to the CoinDesk. Its total market cap reached a whopping $96.7 billion.

But of course, Bitcoin is not stock. It’s viewed more as a currency/commodity of sorts by investors. But if it were to be considered as such, it’d probably be the 15th largest component of the Nasdaq and 58th largest in the market. The cryptocurrency would be in 77th in list of the top 100 corporations, bigger than Bayer, Goldman Sachs, UPS, Nike, and Mitsubishi.

Bitcoin is growing at an increasingly alarming rate, and it’s been taking the world by storm. Since January of 2017, the market cap of Bitcoin increased from $15 billion to $95 billion, while the market cap of Goldman Sachs remained relatively stable at just over $90 billion.

Looking at the current growth rate, do you think Bitcoin can cross the $100 billion mark in the coming months? Bitcoin might have overtaken Goldman Sachs, the second largest investment bank, it still has competition ahead, in the form of Citigroup and JPMorgan. They’re valued at $159 and $350 billion, respectively.

The catalyst for the recent rally, which began Thursday, was speculation that China could reverse its ban on cryptocurrency exchanges.

Is Bitcoin the future of currencies worldwide?