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Bitcoin has taken flack from financial luminaries in recent weeks, but their skepticism did little to stop the most popular cryptocurrency from setting a new record high over the weekend. One market observer said that at the rate the price of bitcoin was moving, its market capitalization could overtake Apple within five years.
"People need to start taking this seriously because today bitcoin caught up with Goldman Sachs," Ronnie Moas, founder and director of Standpoint Research, told CNBC's "Capital Connection." He added, "Within five years, it's going to catch Apple which has (a more than) $800 billion market cap."
Bitcoin's current market value is about $95.9 billion as of Tuesday afternoon Asia time, according to the website Coinmarketcap.com. Meanwhile, Thomson Reuters data showed Goldman Sachs had a value of $93.67 billion, and Apple's market cap was at $806.65 billion.
When bitcoin was trading at $2,600 earlier this year, Moas predicted it would hit $5,000. The digital asset was trading at about $5,700 on Tuesday. On Monday, Saudi billionaire investor Prince Alwaleed bin Talal said the cryptocurrency with no controlling body was an "Enron in the making."
Previously, BlackRock CEO Larry Fink called the cryptocurrency "an index of money laundering," while JPMorgan Chase CEO Jamie Dimon predicted if "you're stupid enough to buy it, you'll pay the price for it one day."
Moas said that the three prominent critics of bitcoin were "heavily invested" in publicly-traded U.S. banks that are currently being threatened by the cryptocurrency. "I don't expect those people to come out and recommend ... to buy bitcoin. Because that hurts their business," he said.
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"People need to start taking this seriously because today bitcoin caught up with Goldman Sachs," Ronnie Moas, founder and director of Standpoint Research, told CNBC's "Capital Connection." He added, "Within five years, it's going to catch Apple which has (a more than) $800 billion market cap."
Bitcoin's current market value is about $95.9 billion as of Tuesday afternoon Asia time, according to the website Coinmarketcap.com. Meanwhile, Thomson Reuters data showed Goldman Sachs had a value of $93.67 billion, and Apple's market cap was at $806.65 billion.
When bitcoin was trading at $2,600 earlier this year, Moas predicted it would hit $5,000. The digital asset was trading at about $5,700 on Tuesday. On Monday, Saudi billionaire investor Prince Alwaleed bin Talal said the cryptocurrency with no controlling body was an "Enron in the making."
Previously, BlackRock CEO Larry Fink called the cryptocurrency "an index of money laundering," while JPMorgan Chase CEO Jamie Dimon predicted if "you're stupid enough to buy it, you'll pay the price for it one day."
Moas said that the three prominent critics of bitcoin were "heavily invested" in publicly-traded U.S. banks that are currently being threatened by the cryptocurrency. "I don't expect those people to come out and recommend ... to buy bitcoin. Because that hurts their business," he said.
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Will we wake one day for an announcement that Bitcoin has already overtaken Apple in terms of market capitalization? At the rate things are going, it would seems to be that way. And am sure that many of us here Bitcoin supporters would be rejoicing once it would be a big reality...maybe within the next 5 years or so. However, am sure that the road to get there would not be laced with milk and honey. There would be many humps, bumps and all the things in between. We will have more Jamie Dimon who has the tendency to be controversial by using Bitcoin as his object of desire. We might have another China which will banned Bitcoin and cryptocurrency in general. Of course, we will also have another Japan which embraced Bitcoin with gusto.
