Global market capitalization reached $1.68 trillion over night before settling around the $1.6 trillion mark. The growth has come thanks to Bitcoin’s sustained run above $51,000 driven by a litany of new investors entering the space.
Chief among them yesterday were Motley Fool, the hugely popular investing site, and BlackRock the world’s largest asset manager. The Fool announced it had invested $5 million with a view the asset will “10x” in value over the long term.
BlackRock meanwhile, which manages $8.67 trillion worth of assets - more than the GDPs of the UK, India and Canada combined - has formerly thrown its hat in Bitcoin’s ring.
The world’s biggest cryptocurrency is now within touching distance of being worth $1 trillion. At the time of writing it’s sat around $965 billion. The stellar growth appears to have come at the expense of gold.
The gold-bitcoin ratio is at an all time low, meaning gold’s price relative to BTC is at the lowest since the project began.