Bitcoin Smashes Through $60k; BTC Is Now Worth More Than Half Of The Entire US Banking System

Bitcoin refuses to leave the spotlight these days, and the king coin managed to break $60k once again.

It’s been just reported that the market cap of BTC now was able to beat more than 50% of all banks in the US.

The popular pseudonymous crypto influencer DocumentingBTC compiled data from Bloomberg and the S&P.

This shows 1,500 US banks boast a total market capitalization of $1.9 trillion, while Bitcoin alone is valued at $1.05 trillion.

The online publication the Daily Hodl notes that bankers like JPMorgan Chase CEO Jamie Dimon are noticing the rise of crypto.

In a new letter to the bank’s shareholders, Dimon cites cryptocurrencies as a ‘serious emerging issues’ that should be properly regulated.

“There are serious emerging issues that need to be dealt with – and rather quickly: the growth of shadow banking, the legal and regulatory status of cryptocurrencies, the proper and improper use of financial data, the tremendous risk that cybersecurity poses to the system, the proper and ethical use of AI, the effective regulation of payment systems, disclosures in private markets, and effective regulations around market structure and transparency.”

Check out the original article in order to learn more details.

Bitcoin is poised to reach $400k

At the moment of writing this article, BTC is trading in the green, and the king coin is priced at $60,848.34.

The online publication the Daily Hodl notes that a popular Bloomberg analyst says that Bitcoin is on its way towards $400k.

It’s been reported that Bloomberg Intelligence senior commodity strategist Mike McGlone cited the fact that Visa, Goldman Sachs and Morgan Stanley have embraced the digitalization of money – they did this as signs that Bitcoin could replace gold as the global digital-reserve asset.

The bullish Bitcoin predictions continue and investors expect to see BTC smashing through $70k next. Stay tuned for more news.

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I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.
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