According To CryptoCoin news, On October 13, the market cap of Bitcoin surpassed that of Goldman Sachs after a meteoric rise in the past three days. With a market cap of $95 billion, Bitcoin surpassed Goldman Sachs by more than $3 billion.
The Goldman Sachs, the second largest investment bank in the world, has sustained a market cap of $92 billion through the past 12 months and has struggled to demonstrate an increase in growth in terms of market cap.
Since January of 2017, the market cap of Bitcoin which is Amazing! increased from $15 billion to $95 billion, while the market cap of Goldman Sachs remained relatively stable at just over $90 billion.
Surpassing Market Cap of Goldman Sachs was a Major Milestone, Potential Targets
I Told You So!! Surpassing the market cap of Goldman Sachs was a major milestone for Bitcoin and it is rapidly approaching towards the $100 billion mark. But, while Goldman Sachs is the second largest investment bank in the global finance sector, Bitcoin still needs to overtake large retail and commercial banks such as Citigroup and JPMorgan, which are valued at $159 billion and $350 billion respectively.
In order for the market cap of Bitcoin to surpass that of JPMorgan at $350 billion, the price of Bitcoin needs to reach around $25,000, which happens to be the interim target of many prominent and highly regarded analysts including Tom Lee, a Wall Street strategist and Fundstrat Global Advisors co-founder.
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. That is like saying the iPhone was a bubble in 2007 four days into the sale because there were 500,000 iPhones sold. Bitcoin is a protocol. Meaning, the actual network itself is generating the value so that the Visa of bitcoin is not going to be as valuable as the blockchain network itself. 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.”
Bitcoin is its Own Economy and Financial Network, its Rise in Value is Proving That
As Bank of Finland explained in its latest research paper, Bitcoin operates its own economy and decentralized financial network. It does not require the presence and involvement of intermediaries and third party service providers such as banks.
At first, banks like JPMorgan and Goldman Sachs dismissed Bitcoin due to its premature market. But, as the demand for Bitcoin from general consumers, institutional investors, retail traders, and bank clients rapidly increased, even major banks like Goldman Sachs moved toward embracing the digital currency.
Last month, Paul Vigna of The Wall Street Journal, revealed that Goldman Sachs is preparing to launch Bitcoin trading, to address the increasing demand for the cryptocurrency. He wrote
“Goldman’s effort involves both its currency-trading division and the bank’s strategic investment group, the people said. That suggests the firm believes bitcoin’s future is more as a payment method rather than a store of value, like gold.”
As the global demand for Bitcoin increases and major markets such as Japan demonstrate a rapid growth rate, the Bitcoin market will continue to outperform most assets and currencies.
In other words bitcoin shall keep rising and rising and Nothing Can stop it, so be in it to win it or Get out of the way!
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IT’s Happening because the price of a bitcoin has continued to rise overnight, passing $9,000 for the first time this morning.
Truly Since setting new highs yesterday, prices climbed more or less steadily until finally passing $9,000 at 06:40 UTC today. The new record of $9,043.21 was reached roughly 35 minutes later, according to CoinDesk’s Price Index
Amazingly At press time, prices are at $8,970 levels – up 2.43 percent for the session. CoinMarketCap data indicates that bitcoin has risen 6.16 percent in 24 hours, and 16.27 percent over the last seven days.
Bitcoin’s amazing gains have helped drive the combined market value for all cryptocurrencies to yet another at new high of $285 billion. Bitcoin’s market capitalization is now almost $151 billion.
I Say Holy Macaroni!!!!
I truly believe we need to spread the awareness of Bitcoin as a whole, especially bitcoin the currency and cryptocurrency as the big picture. Only about 10% or less know what is bitcoin and we don’t want any surprises for them when and if Cash dies instantly out of nowhere. The Coin is rising and it is not stopping at this time. I am putting it to work for me and create more and you should start to do the same.
Who would of ever known that bitcoin existed all these years, not me for sure. I was always online and wonder how did i miss the boat when it first came out. Many had purchased thousands of bitcoin while i sat home and had no hint.
My daughter was born and i took the roll of a father 24/7 all while trying to get some work done online in the Network Marketing/affiliate/internet space, but
i never knew what bitcoin was or the famous word Cryptocurrency. It was not till recent when i started to see more of it online and how the price was increasing and many lives were changed as a result of this thing called bitcoin.
I thought people were losing their minds to purchase something i thought was a plastic quarter or something. As i kept seeing this grow online and people kept promoting it, advertising it, more and more businesses got into it, then i started to research it and BOOM it hit me.
I ran into many friends in the crypto space and i still wasn’t convinced because i still didn’t quite understand what this bitcoin thing was about, until i started to do more research and again Boom. A friend of mind approached me and stated he has gotten into something amazing that was just like forex or the stock market, but only it was a bit different! They were trading with cryptocurrency and paying him in bitcoin. I started to ask questions and research and saw many had become millionaires with this amazing platform and saw that there were many other platforms out there that were similar but not so incredible and amazing like this one i call TCC
Now i just want to share the great news because this is the future of money, the internet of money or how ever you want to call it, IT is Amazing and will change your life and the way you look at the dollar now which is dying of course.