[코인열풍] Bitcoin market cap exceeded $1 trillion… 360%↑ for 6 months

The market capitalization of the cryptocurrency bitcoin has exceeded 1 trillion dollars (about 1100 trillion won), continuing the recent upward trend.

On the 19th (hereafter local time), the US economic media CNBC cited CoinDesk and reported that the market capitalization of Bitcoin for the first time exceeded $1 trillion.

As of 8:47 a.m. Korean time on the 20th, according to CoinDesk, the price of bitcoin is trading at $55,5762.22, up 7.94% compared to 24-hour trading. The market capitalization is $1.4 trillion. This is higher than Tesla’s market cap of $700 billion.

CNBC explained that bitcoin prices have risen by about 360% in the last six months alone, and direct comparison is difficult, but the $1 trillion market cap is an area that only a few companies have achieved. Reuters estimated the combined market capitalization of all cryptocurrencies, including Bitcoin, to $1.7 trillion.

Bitcoin’s market capitalization of $1 trillion is the result of recent announcements by global conglomerates and financial institutions to invest and adopt cryptocurrency.

Tesla, led by Elon Musk’s CEO, has previously officially announced that it has purchased $150,000 worth of Bitcoin, and Blackrock, the world’s largest asset manager, has also formalized its investment plan for Bitcoin.

In addition, New York Melon Bank (BNY Melon), the oldest bank in the United States, has announced that it will handle bitcoin in the future, and PayPal has also disclosed that it supports bitcoin payments.

In a recent report, Deutsche Bank’s strategist Jim Wright said, “As companies and institutions have declared their entry into the bitcoin market one after another, bitcoin is transforming into a reliable asset.” Said CNBC.

However, CNBC explained that Wall Street’s leading investment bank, JPMorgan, still had doubts about the rising bitcoin price.

JPMorgan said that bitcoin is just a kind of’side show’ in terms of economics, and expressed a negative view on the further rise. Analyst JPMorgan said in a recent investment memo that the current price of bitcoin far exceeded their estimated fair price and predicted that the uptrend could not continue.

Meanwhile, Tesla’s CEO Musk, who is considered as the starting point of the bitcoin craze, wrote on his Twitter today, “When the real interest rate of fiat currency is negative, only idiots (Bitcoin, etc.) do not look elsewhere.” Justified coin investment.

Musk said Tesla’s investment in bitcoin did not directly reflect his opinion. However, he emphasized, “holding bitcoin is a less stupid act than holding cash, and bitcoin is almost like money.”

In addition, referring to Tesla as a company incorporated into the New York Stock Exchange’s S&P 500 Index, he evaluated Tesla’s bitcoin investment as “an exciting enough investment.”