Today Bitcoin Reached the Significant Milestone of $1 Trillion Market Cap
Last November, Travis Kling, the CIO of Ikigai, a crypto asset management firm, said that there is an entire class of institutional capital that can’t allocate to bitcoin until its market cap reaches $1 trillion because until then it’s just too small. These investors, Kling tweeted, are price agnostic. They don’t time markets, they allocate to markets (source). Raoul Pal has made the same observation (which I noted and sourced on PP in a long ago post).
Bitcoin hitting this milestone today means that those entities are now able to put their desires into practice. The recent addition of bitcoin to the balance sheets of well-known individuals, hedge funds, public corporations, payment rail firms, investment firms, and even an insurance company, have all helped blaze a path and pave the road for these coming large-dollar allocations. Even Black Rock announced this past week that it is “dabbling” with bitcoin – whatever that means. (Imo, they’re actively buying.)
The point is that bitcoin’s run is not yet approaching its peak for this cycle. Put in Mount Everest terms, we are not nearing the summit where the air is thin and few continue the climb, reaching exhaustion; we are just now arriving at Base Camp and pitching tents. As rarified as this atmosphere might seem, the real climb is still ahead, and it’s got several legs up – with pauses along the way, to be sure, but there’s a lot of uphill ground to cover before we arrive at the cycle peak late this year.
This is the reason for the bitcoin community’s continuing refrain, “stay humble and stack satoshis.” It’s not too late for average hikers to invest in some satoshi-sized boots.
yep. as you and i have been posting for awhile now, soon the btc market cap will surpass gold.
btc has been superior to every asset in the last 11 years.
that is just the money value though. it’s real value lies in the btc ethos. it is the most sound money ever created. it is democratic. it cannot be inflated to zero. it is bringing banking and financial security to people all over the world. it is not owned by any government or central bank. it is the base monetary layer of an entirely new financial system. it is money that gains value over time. thus it is an ideal vehicle for saving for the future. it fosters long term thinking. it is money available to everyone to create wealth.
there is nothing in human history to compare
I am not interested at all in having any discussion with anyone about cryptocurrencies. I do not own any and do not plan to buy any.
But for those who are still on the fence about cryptos, I think you owe it to yourself to read this Linked In post by Diego Parrilla.
I have all the respect in the world for you.. but I honestly can’t stop laughing at the way you came here to drop a bomb and then left with a promise to participate in no further discussion about it. My wife keeps asking what I am laughing about…. I tell her it’s about that (1-ish) Bitcoin that I bought last week for $43K that is now trading at $57K.
I know it seems absurd on some level… not Bitcoin itself, but rather the fact that it’s market capitalization has now exceeded $1 Trillion. As the piece you linked to well states in the first portion, it’s really not about Bitcoin.. it’s about a corrupted monetary context and the abuse heaped on the average person by a century of progressively heavy handed central banking.
I remain a Gold and Silver bug of the highest order.. and my conviction is growing that we are in the early stages of a phase change in terms of physical Silver availability. I think that the paper system is either going to break, or at least allow for a repricing of Silver to a dramatically higher level in order to rebalance supply vs demand. The simple fact is that today’s paper market for Silver is really a “””market””’. The price determined by the (corrupt) trading of Silver and Gold futures, and in particular, the most highly shorted of all, Silver, bears no connection to supply vs demand. Critical thinking says this has to change.
I am not going to go on any rants to defend Bitcoin, or crypto.. others here have more energy for that than I. I bought some as an added inflation hedge, and because I think it will hit $150K by year end… and I dare say Bruce you will be even more mad at Bitcoin if and when that happens : )
rotflmao bruce. of course i have to careful not to bump into jim.
what you posted is well dressed fud. he comes off sounding intelligent so he has appeal to people who are ignorant of the subject matter.
it was somewhat refreshing from the juvenile fud that usually gets posted here. that said once you peel a few layers you are left with the same stupid fud.
i am not going to go into great detail but one of his positions is so blatantly stupid i will waste some time destroying it.
he says the argument that bitcoin has value because of scarcity does not hold up because there are thousands of cryptocurrencies. did you actually read this bullshit bruce or did you just post this nonsense w/o either reading it or with the intention of promulgating negativity?
what he just said is like saying the star of india has no value because there are lots of diamonds. or how about this gold is not valuable because there are other valuable pm’s. or saffron (the most expensive spice on the planet ) is not valuable because there are lots of spices. do you see how stupid that argument is?
you have posted some good stuff here in the past so i will take this as an aberration, but this post is an epic fail and beneath you