As a seasoned financial analyst with over two decades of experience under my belt, I find myself intrigued by the recent predictions and developments in the world of cryptocurrency. Mike Novogratz, CEO and founder of Galaxy Digital, has forecasted that Bitcoin will surpass gold in market capitalization within the next five to eight years.
According to Mike Novogratz, the head of Galaxy, it’s likely that Bitcoin, the foremost digital currency, could exceed the market value of gold within the next 5 to 8 years.
Earlier this week, Bitcoin’s market cap reached 14% of that of gold, which is a new all-time peak.
On Monday, the most prominent digital currency reached an all-time high of $107,822 before the anticipated interest rate reduction by the United States Federal Reserve, which was due to be announced on Wednesday.
Gold and Bitcoin are currently valued at $17.8 trillion and $2.13 trillion, respectively.
As a researcher, I’ve found an interesting observation: The market capitalization of the leading cryptocurrency surpasses about two-thirds of the total value of gold reserves held by central banks globally, amounting to approximately $3.13 trillion.
According to U.Today’s report, the head of the U.S. Federal Reserve, Jerome Powell, has referred to Bitcoin as a “digital form” of gold, and he does not see it as competing with the American dollar.
Surpassing gold ETFs
This week, as reported by Vetle Lunde from K33 Research, the value of assets managed by U.S.-based Bitcoin exchange-traded funds (ETFs) surpassed that of gold ETFs, with Bitcoin ETFs holding approximately $129.25 billion and gold ETFs holding about $128.88 billion.
Recently, the iShares Bitcoin ETF (IBIT) has exceeded the iShares Gold ETF (IAU), an ETF that debuted in 2005, regarding total assets.
According to U.Today, Anthony Scaramucci, founder of SkyBridge Capital, believes that the Securities and Exchange Commission’s continuous rejection of a Bitcoin ETF has been hindering Bitcoin prices. However, the SEC finally gave in after Grayscale won a legal battle against them.
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2024-12-17 19:07