Why did Bitcoin hit a $1 trillion market value ‘quicker’ than major tech companies?

Spread the love

With Bitcoin up 5% in the last 24 hours, the crypto commodity has returned to the $58,000 level. If its price was steadily increasing, others doubted the asset’s dependability. Like Donald Trump’s former lawyer, Judy Shelton, who said that the commodity “is not a stable store of value,” as investors ultimately cash out Bitcoin into fiat currency.

Ex White House Director of Communications Anthony Scaramucci, on the other hand, questioned this same idea. The Founder of SkyBridge Capital reported in a recent interview with CNBC Squawk Box that Bitcoin’s market cap rose to $1 trillion “faster” than most companies. He contrasted the asset’s success to that of e-commerce behemoth Amazon, concluding that Bitcoin “primarily” performed better “because it’s decentralised.” He went on to say:

“You’re taking all that C-suite drama and all the politics associated with it away from it [Bitcoin]. It is a fully-scaling monetary network and a store of value. “

Scaramucci went on to say that, as compared to gold, Bitcoin is “better” in “a number of ways” if you “really study” the commodity. Reiterating a common maximalist statement, he said that cryptocurrency is “easier to store” and “can be moved about more quickly.”

RECOMMENDED READ:  XRP price up 25% after SEC has a new boss

Scaramucci previously expected a $100K goal for Bitcoin by the end of the year. However, he is not alone in his optimism, as Wall Street firms such as JPMorgan and Morgan Stanley have taken a more pro-BTC stance in recent weeks.

Indeed, Morgan Stanley financial advisors stated that digital assets are seen as an emerging investable asset class and that a “threshold for cryptocurrencies has been reached.”

Scaramucci, however, said that if Bitcoin truly scales and hits penetration thresholds of more than $1 billion, the situation would be “way less speculative.

 382 Interactions,  6 today

Celsians are being attacked by phishing attacks as a result of an email server leak.

After a third-party email delivery server was hacked by hackers, Celsius customers were targeted with fake SMS and email messages. Read more

Consumer ‘s top four concerns about Signal’s latest crypto payments beta have been published.

Signal has released user reviews from its beta integration with Mobilecoin, in which users expressed concerns about MOB instability and Read more

Lockheed Martin uses blockchain to handle Swiss supply chain management.

To better handle OEMs in Switzerland, the defence contractor has gained access to SyncFab's supplier information portal. Lockheed Martin, a Read more

Nvidia increases the revenue outlook for crypto mining GPU revenues by threefold.

The California chipmaker says its fiscal year 2022 first-quarter financials are on target to outperform expectations, with demand for crypto Read more

A new Android feature would warn users to refrain from using their phones while walking.

Have your head held high. Are you one of those people who, when walking along, becomes so engrossed in their Read more

VW teases a bigger ID.6 electric SUV ahead of its debut at the Geneva Motor Show.

Expect a finished version of the ID.Roomzz definition. VW has another batch of electric cars in the works, and it Read more

Despite chip shortages, PC shipments rose by 55% in Q1.

Apple continues to be the largest winner, with progress more than doubling in the first quarter of 2021. The global Read more

Apple claims that iMessage on Android would ‘hurt its business more than benefit it

Epic contends that Apple binds users to its environment and does not let them leave quickly. Apple's programmes deliberately trap Read more

Decode messages embedded in Nvidia’s GTC keynote to win an RTX 3090.

Which is more difficult: finding a GPU in stock or deciphering Morse code? Nvidia has announced a treasure hunt, with Read more

Firefox will cease to support Amazon Fire TV and Echo Show systems in few days.

The browser's support will be discontinued on April 30th. Starting on April 30th, Mozilla will discontinue Firefox support for the Read more

Leave a Reply

Contact Us