Bitcoin on track to top Apple's market cap within few years

24.10.2017 / 12:50

Rating:

Bitcoin has taken flack from financial luminaries in recent weeks, but their skepticism did little to stop the most popular cryptocurrency from setting a new record high over the weekend.

One market observer told CNBC on Tuesday that at the rate the price of bitcoin was moving, its market capitalization could overtake Apple within five years.

"People need to start taking this seriously because today bitcoin caught up with Goldman Sachs," Ronnie Moas, founder and director of Standpoint Research, told CNBC's "Capital Connection." He added, "Within five years, it's going to catch Apple which has (a more than) $800 billion market cap."

Bitcoin's current market value is about $95.9 billion as of Tuesday afternoon Asia time, according to the website Coinmarketcap.com. Meanwhile, Thomson Reuters data showed Goldman Sachs had a value of $93.67 billion, and Apple's market cap was at $806.65 billion.

When bitcoin was trading at $2,600 earlier this year, Moas predicted it would hit $5,000. The digital asset was trading at about $5,700 on Tuesday.

Previously, BlackRock CEO Larry Fink called the cryptocurrency "an index of money laundering," while JPMorgan Chase CEO Jamie Dimon predicted if "you're stupid enough to buy it, you'll pay the price for it one day."

Moas said that the three prominent critics of bitcoin were "heavily invested" in publicly-traded U.S. banks that are currently being threatened by the cryptocurrency. "I don't expect those people to come out and recommend ... to buy bitcoin. Because that hurts their business," he said.

He said he expects the price of bitcoin to jump to $50,000, possibly within a decade and the market value could cross a trillion dollars.

Source: Bloomberg Pro Terminal

Jr Trader Alexander Kumanov

Varchev Traders

Read more:

RECCOMEND WAS THIS POST USEFUL FOR YOU?
If you think, we can improve that section,
please comment. Your oppinion is imortant for us.

WARNING: Any news, opinions, research, data or other information contained within this website is provided as general market commentary and does not constitute investment or trading advice. Varchev Finance Ltd. expressly disclaims any liability for any lost principal or profits which may arise directly or indirectly from the use of or reliance on such information. Varchev Finance Ltd. may provide information, quotes, references and links to or from other sites and blogs and other sources of economic and market information as an educational service to its clients and prospects and does not endorse the opinions or recommendations of the sites, blogs or other sources of information.

Varchev Finance

Varchev Finance Ltd is registered in the FCA (FINANCIAL CONDUCT AUTHORITY) with a passport in the United Kingdom: FCA, United Kingdom - registration number: 494 045, which allows provision of financial services in the United Kingdom.

Varchev Finance Ltd strictly comply with the statutes of the European directive MiFID (Markets in Financial Instruments). targeting increased efficiency, transparency and uniformity of financial instruments.
Varchev Finance Ltd is authorized and regulated by the Financial Supervision Commission - Sofia, Bulgaria: License number RG-03-02-05 / 15.03.2006

The information on this site is not intended for distribution or use by any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

Disclaimer:

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 63,41% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.

Bitcoin on track to top Apple's market cap within few years

London

Universal numbers