Bitcoin is on course to surpass the market cap of Apple, Google and Facebook, according to Bitfinex CTO Paolo Ardoino.
Ardoino’s comments come after Bitcoin eclipsed its previous all-time high of $35,000, surging to $35,920 in the early hours of this morning.
Bitcoin’s market cap is currently standing at $640 billion, significant higher than this time last year when it was at $143 billion.
“Bitcoin has once again rocketed to an all-time high. Bitcoin’s market capitalisation has soared past the US$600 billion mark with the king of crypto on course to surpass the market caps of Apple, Google and Facebook.
Still, the elegance and technological brilliance of bitcoin represents a very different model. The scramble of institutional investors into the fray with orders to buy bitcoin are a stark recognition of the quantum leap that bitcoin technology represents.”
Bitcoin’s rise over the past 12-months has been attributed to a significant uptick in institutional investment, with the likes of MicroStrategy and Square initially investing $425 million and $50 million respectively.
However, as Bitcoin continues to break new highs, interest among retail investors is also beginning to increase with Google searches for “Buy Bitcoin” surging by 400% since September.
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Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.