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August 9, 2022
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Bitcoin

Bitcoin is worth half the US banking system

The market capitalization of the flagship cryptocurrency currently beats the capitalization of over 50% of all banks in the United States. Popular anonymous crypto influencer DocumentingBTC compiled data from Bloomberg and S&P.

They show that 1,500 US banks can boast a total market capitalization of $ 1.9 trillion. Bitcoin alone, on the other hand, is valued at $ 1.05 trillion.

Banks perceive the seriousness of the situation

Bankers like JPMorgan Chase CEO Jamie Dimon are seeing cryptocurrencies rise. In New leaves to the bank’s shareholders, Dimon cites cryptocurrencies as “major issues that arise” that should be properly regulated.

There are major issues that emerge and need to be addressed – and rather quickly: the growth of shadow banking, the legal and regulatory status of cryptocurrencies, the correct and misuse of financial data, the enormous risks cybersecurity poses to the system, the proper and ethical use of AI, effective regulation payment systems, disclosure of information in private markets, and effective regulation around market structure and transparency.

Last year, the Office of the Comptroller of the Currency (OCC) gave U.S. banks the green light to offer crypto custody services. BNY Mellon has since announced that it will support Bitcoin and other altcoins through its new corporate unit Digital Assets.

Regarding JPMorgan’s position on Bitcoin, the bank recently revised its long-term price target for Bitcoin from $ 146,000 to $ 130,000. JPMorgan argues that at a price level of 130,000, Bitcoin’s market capitalization would rival the total value of the private sector investing in the yellow metal.

Mechanically, the price of Bitcoin would have to rise [do] 130,000 to match the total private sector investment in gold.

Current Bitcoin rate and other cryptocurrencies, you can always check the tabs: exchange rate Bitcoin and the cryptocurrency rate at . A place where you can buy BTC and more coins, include cryptocurrency exchange BitBay.net. If you do not have an account on BitBay yet, from this article you will learn how to efficiently create one: LINK.

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