Bitcoin's stock market valuation briefly surpasses that of JPMorgan, the world's largest bank , earlier today, December 8th.
The ceiling of the Bitcoin market briefly surpasses that of JP Morgan, based on the course of South Korea
George Kikvadze, a highly esteemed bitcoin investor and Bitfury's vice president, revealed that JPMorgan's $ 363 billion market capitalization was surpassed by bitcoin, based on its price in South Korea.
As reported by CCN yesterday the South Korean bitcoin exchange market often has significantly higher premiums than other major regions such as the United States and the United States. Japan. Thus, the price difference between the world average price of bitcoin and the market value in the South Korean market can reach 20 to 25%.
Today, the price of bitcoin has surpassed $ 22,500 in South Korea, with the world's average bitcoin price peaking at around $ 17,500. A price of $ 22,500 placed the stock valuation of bitcoin at $ 376 billion, or $ 3 billion more than that of JPMorgan.
For the global price of bitcoin to reach $ 22,500, it may be several weeks after bitcoin futures are listed by the Chicago Board Options Exchange (CBOE) and the CME Group December 10th and 18th, respectively.
However, given that the stock market valuation of bitcoin according to the bitcoin trading value in the South Korean market is only slightly larger than the market capitalization of JPMorgan, the stock market valuation of bitcoin based on its overall average price is likely to exceed that of JPMorgan in the short term, perhaps at the end of the year.
What is the future?
Earlier today, NCC reported that Goldman Sachs, the second largest investment bank in the financial industry world behind JPMorgan, will negotiate bitcoin futures on behalf of its clients. the launch of the CBOE and CME bitcoin futures markets.
As more and more major financial institutions, hedge funds and institutional investors continue to adopt bitcoin in the coming months, the price and stock market valuation of bitcoin will quickly increase, especially if tens of billions of dollars According to the CEO of Coinbase, Brian Armstrong, the institutions money circulates on the bitcoin market.
In the long run, the bitcoin market will be able to compete with the gold and offshore banking industry, which amount to about $ 40 trillion to $ 50 trillion. As BlockTower co-founder Ari Paul said, bank executives like Jamie Dimon, CEO of JPMorgan, understand the enormous and disruptive potential of bitcoin in the traditional financial sector, especially in the offshore banking sector.
Bitcoin can process payments and provide a greater store of value that is several orders of magnitude greater than the products and services offered by banks, such as JPMorgan. Paul explained that it is precisely for this reason that Dimon had condemned bitcoin in the past because it considers bitcoin as a competition against JPMorgan and the traditional financial sector.
If bitcoin evolves to a widely recognized and accepted set of values, and successfully penetrates the gold and offshore banking markets, the market capitalization of bitcoin can reach tens of trillion dollars, in the long run. As Overstock's electronics leader, Patrick Byrne stated:
"We have all these currencies since Bretton Woods, fluctuating relative to each other, and maybe the dollar has not gone to zero against these currencies but all have fallen by 95% … in relation to something they can not control like … gold and bitcoin, so Bitcoin may be on the way to the million for all we know.
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