As Bitcoin scales new heights and the cryptocurrency market reaches new thresholds, it is difficult to forecast which cryptocurrency will survive. However, people will come to trust the concept and cryptocurrency adoption could go large-scale, according to Frank Holmes. The CEO of investment manager US Global Investors told CNBC:
“What bitcoin has done, it has woken up everybody to the power of the blockchain technology [the underlying ledger that supports bitcoin], like emails woke everyone up to the internet. In the beginning, people didn’t trust the internet.”
“So we don’t know who’s going to survive. We saw Google surpass Yahoo – how this will evolve I don’t know,” he added.
Holmes, who was recently named chair of HIVE Blockchain Technologies, said he was nevertheless sure something big was happening around the world and that Millennials played a significant role in it.
Millennials, who represent the largest generation in the US, are among the earliest and most enthusiastic adopters of blockchain and Bitcoin, according to a post on US Global Investors’ official website.
Over the weekend, Bitcoin staged an incredible rally, adding over $1,000. At the time of writing, BTC is hovering around $9,700, close to a record high.
Today, the cryptocurrency market crossed the $300 billion mark for the first time: as of now, its total market cap stands at about $302.5 billion, according to coinmarketcap.com.
If the whole cryptocurrency market were a public company, it would rank at number 10 by market cap. That’s just below JPMorgan Chase, whose CEO Jamie Dimon has said that Bitcoin is a fraud. The cryptocurrency market cap currently surpasses that of companies like Wells Fargo, Alibaba, Samsung, General Electric, Bank of America, ICBC, and Visa.
If Bitcoin were a public company, its $161.7 billion market cap would be enough to exceed the capitalization of giants like PepsiCo, Unilever, Bank of China, Total, and MasterCard.
Hans Redeker, global head of foreign exchange strategy at Morgan Stanley, told CNBC that cryptocurrencies could become a significant instrument for monetary policy:
“The key question you have to ask yourself is, is cryptocurrency going to be developing within the central banks’ scope or outside the central banks scope. And I think it’s going to develop inside the central banks’ scope.”