Bitcoin’s market cap exceeded $600 billion due to the recent price hike. This is a scale that surpassed Samsung Electronics, the No. 1 market cap in the KOSPI.
Some cryptocurrency experts, who are optimistic about the bitcoin investment market, predict that the bitcoin price will rise to $150,000 within the year. In this case, the Bitcoin market cap is expected to be larger than Apple, which is currently the world’s No. 1 market cap.
According to CoinMarketCap, a cryptocurrency information site on the 4th, the current market capitalization of bitcoin reached 615 billion dollars (about 66.6 trillion won).
The combined value of all bitcoins in circulation increased significantly as the price of bitcoin rose sharply before and after Christmas. Currently, the price of one bitcoin has risen to 33,000 dollars (about 36 million won).
In October of last year, bitcoin was traded at the level of 10,000 dollars, and the market capitalization did not exceed 200 billion dollars.
The bitcoin market cap has already surpassed Samsung Electronics, the No. 1 market cap in the KOSPI. The current market cap of Samsung Electronics is 496 trillion won, which is 460 billion dollars in terms of dollars.
The bitcoin market cap of $600 billion is a remarkable record compared to the market caps of US listed companies. It has already surpassed Visa, a global payment network company, and is at the level of pursuing Tesla and Facebook.
The bitcoin enthusiast group also has an aggressive forecast that bitcoin will rise to $100,000 to $150,000 within the year, and in reality, the market cap of bitcoin is expected to be larger than that of Google, Microsoft, and Apple.
Seo-joon Kim, CEO of Hashd, a blockchain-specialized investment company, said through a recent blog, “We expect a steady and solid bitcoin bull market in the new year.”
In an interview with Forbes, a US economics media, in October, CEO Ryan Selkis of cryptocurrency data analysis company Messari predicted that “by the end of 2021, the value of bitcoin will reach $150,000.”
When Bitcoin rises to $150,000, the market cap will reach $2.7 trillion, surpassing Apple, the current world market cap. Apple’s market cap is $2,256 billion. In addition, the bitcoin market cap will be larger than the current market cap of the entire Korean stock market (approximately $2.1 trillion).
Bitcoin experts see the cause of the rising bitcoin price, which has continued since last year, as’institutional investors’ participation in bitcoin’. It is an analysis that big players with financial power are growing their plate as they buy bitcoin.
In fact, the total trust of Grayscale, a cryptocurrency investment manager for institutional investors, has grown tenfold from $2 billion at the beginning of last year to more than $20 billion recently.
In order to overcome the economic crisis from Corona 19, the situation where liquidity in the market is overflowing as countries around the world unwind their money lines, and there is also an aspect that turned institutional investors’ attention to Bitcoin.
Since the beginning of this year, countries around the world have maintained zero interest rates and implemented quantitative easing policies to respond to the economic downturn caused by the spread of Corona 19. When the money line is released and the number of currencies circulating in the market increases, the value of the currency inevitably decreases.
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This concern about inflation is leading to interest in Bitcoin, which is compared to’digital gold’.
“Bitcoin is a reliable store of value and is an attractive investment that has the potential to increase value over cash reserves in the long run,” said Michael Shaler, CEO of Microsortage, an American software (SW) company that bought 7,470 Bitcoins last year It was an asset,” he said, saying the reason for investing in bitcoin.