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Bitcoin hits $1 trillion market cap, soars to another record high

Bitcoin- The world’s most well-known digital money leaped to a record-breaking high above $54,000, setting it on course for a week after week bounce of over 11%. It has flooded generally 64% so far this month and was last up 5.5% at $54,405.

Bitcoin contacted a market capitalization of $1 trillion as it hit one more record high on Friday, countering investigator admonitions that it is an “economic slideshow” and helpless support against a fall in stock costs.

 

John Wu, president of AVA Labs quoted that-

“If you really believe there’s a store of value in bitcoin, then there’s still a lot of upside, “If you look at gold, it has a market cap $9 or $10 trillion. Even if bitcoin gets to half of gold’s market cap, that still growth of 4X, or $200,000. So I don’t know when it stops rising,”

 

Analysts at JP Morgan had to add that-

“bitcoin’s current prices were well above estimates of fair value. “Crypto assets continue to rank as the poorest hedge for major drawdowns in equities, with questionable diversification benefits at prices so far above production costs, while correlations with cyclical assets are rising as crypto ownership is mainstreamed,”

We can’t just talk about Bitcoins and not mention Elon Musk

 

On Thursday, the richest person of us all said- it was better to have bitcoins than to carry cash. He likewise guarded Tesla’s new acquisition of $1.5 billion of bitcoin, which touched off standard interest in the cryptocurrency.

Here are Twitter user’s cheering for Bitcoin

 

 

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