Bitcoin’s market capitalization has crossed the $1 trillion zone after the price per coin surpassed $53,650 per unit. The valuation comes 145 months after the launch of the Bitcoin network on January 3, 2009.
‘The First Trillion Is the Hardest’
The price of bitcoin (BTC) has surpassed the territory needed to have a $1 trillion market capitalization. The valuation is a milestone to many crypto supporters who have rallied for the leading currency for the last decade. For the last two weeks, digital currency advocates discussed BTC’s slow and steady approach toward the 1 trillion dollar zone. For instance, on February 16, The Block’s director of research Larry Cermak said:
If Bitcoin hits ~$53,650, it’s gonna be a trillion-dollar asset. Fully diluted it’s already at $1.04T.
The conversation about reaching the 1 trillion dollar milestone was a topical conversation all week, as bitcoiners said it was a long time coming. The same day, the software developer, Jameson Lopp, also talked about the $1 trillion event on social media. “The first trillion is the hardest,” Lopp tweeted to his 262,000 followers.
‘Bitcoin Going for Gold Next’
After Lopp made his statement, a number of people compared the decentralized crypto asset’s market valuation to Apple Inc. (AAPL).
It took Apple Inc. around 504 months (42.0319 years) to get to a $1 trillion market valuation one person responded. Another individual mentioned that after Apple captured the $1 trillion valuation, it only took 26 months to reach $2 trillion, which means the ride to a $2 trillion valuation for bitcoin (BTC) very well could be a far less time frame.
Bitcoin reaching a $1 trillion valuation has been a big deal to a number of proponents and many believe the crypto asset is just warming up. The popular creator of the stock-to-flow (S2F) model, Plan B, discussed the watershed moment.
Civic founder Vinny Lingham, often referred to as the oracle, thinks making it to the $60,000 zone might be in the cards.
“Bitcoin looks primed to make a big break above $50k,” Lingham wrote just before the price surpassed the $50k handle. “Once it clears, it will likely test and break $60k quickly. We could find out which [altcoins] are uncorrelated, as there will likely be some carnage in the alt market, if such a big move materializes,” Lingham added.
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The North American Purpose Bitcoin ETF launch on Thursday saw massive demand, as more than $165 million in trade volume was recorded. In fact, the exchange-traded fund listed on the Toronto Stock Exchange (TSX) saw it’s first $80 million swapped during the first hour of trading sessions.
Purpose Bitcoin ETF Captures $165 Million in Volume
Just recently, the exchange-traded fund called the “Purpose Bitcoin ETF” was approved to be listed in Canada and proponents deemed it to be the “first” bitcoin-based ETF in North America. Bloomberg’s Claire Ballentine revealed that the ETF saw more demand than most ETFs listed on TSX on Thursday. The fund is curated by the firm Canada-based Purpose Investments, and the Ontario Securities Commission granted the fund permission to begin trading.
Ballentine noted that during the first hour of trading, the Purpose Bitcoin ETF (ticker symbol BTCC) saw a whopping $80 million in trade volume. Ballentine also highlighted that the Purpose Bitcoin ETF roared during its debut, and many analysts think crypto exchange-traded funds have untapped interest.
“There’s sizable untapped interest for a Bitcoin investment that has the benefits of an ETF,” the CFRA Research’s director of ETF research, Todd Rosenbluth said. “While most ETFs come to market globally with an educational hurdle to overcome, many investors are familiar with what is inside BTCC.”
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EBIT Physical Bitcoin ETF Launches Today, Proponents Still Waiting for US Watchdogs to Approve Bitcoin Funds
In addition to the significant demand from the Purpose Bitcoin ETF, another ETF is set to debut on TSX today. The exchange-traded fund is managed by the company Evolve, and the fund holds physical bitcoins by using Gemini’s custody arm. The listing scheduled for Friday and distributed by Evolve will be called “EBIT.” Evolve is a Canadian business that manages roughly $1.7 billion assets under management (AUM).
Meanwhile, as the two TSX-listed bitcoin-based ETFs trade in Canada, many crypto proponents are hopeful that America will follow suit soon. A number of ETFs are waiting on the U.S. Securities and Exchange Commission (SEC) approval including ETFs registered by the New York Digital Investment Group (NYDIG), Vaneck, and Valkyrie Digital Assets.
What do you think about the massive demand the Purpose Bitcoin ETF saw on Thursday? Let us know what you think about this subject in the comments section below.