Bitcoin Dwarfed Goldman Sachs: Next Citigroup and JPMorgan
Hello Mr. Dimon, how are you?
Bitcoin rocketed new record high at about $5,800 and there appears to be no stopping it right now.
Bitcoin is worth more than gold! What!? One Bitcoin is 5 times more worth than ounce of gold!
Unprecedented growth of almost 900 percent in the space of just a year, exceptionally long bull market. It would be no surprise to anyone if it hits $10,000 very soon.
At this historic moment for Bitcoin, blockchain, and global cryptocurrencies community, Bitcoin market cap exceeds $90 Billion and is rapidly reaching another milestone of $100 Billion, surpassing the market cap of Goldman Sachs as the second largest investment bank in global financial market.
Bitcoin volumes are soaring in almost every nation state, but exceptionally in Japan where Bitcoin fever is reaching boiling point, making people feel that they are missing the boat on this enormous opportunity stricken currency, feeling jealous about early adopters who made money out of it.
So the market capitalization of overall digital currencies is almost reaching $200 Billion.
Of course as predicted by many top world financial analysts, strategists, during last several months predictions are that Bitcoin will be the best performance asset, outperforming stocks, bonds, gold, luxury investments…
Bobby Lee, formerly the top executive stock strategist at J.P.Morgan published a report in early July outlining the potential for Bitcoin to rise above $20,000 and with a chance to reach $55,000 by 2022. I think Bitcoin is an undervalued asset with potential of huge institutional sponsorship coming along.
So the predictions still hold and as it seems we will soon witness, maybe during the next year, Bitcoin price will reach such an amount that in overall capitalization cap to surpass even famous commercial bank Citigroup and in mid-term also the mammoth JP Morgan bank!
On CNBC’s Fast Money, Lee emphasized that he sees the Bitcoin price reaching $25,000 by 2022, after refuting claims from bank executives such as JPMorgan CEO Jamie Dimon that Bitcoin “is a bubble.” Lee stated:
“There are only about 300,000 holders of at least $5,000 of bitcoin. And that is why, for instance, to make a fraudulent transaction on bitcoin today, it would cost almost $30 billion to create one fake bitcoin.”
Estimated overall capital market is valued about $200 Trillion in cash, stocks, bonds, gold. Cryptocurrency market just set a new record of $200 Billion, but still this is a tiny, tiny fraction of the overall capital market. It’s not hard to see a big picture of huge potentials for gaining and expanding for Cryptocurrencies, to likely increase 100 times in value.