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Bitcoin hits US$1 trillion market cap, surges to fresh all-time peak
Deutsche Bank's new research report now ranks Bitcoin as the third largest currency in circulation. Analysis conducted by JPMorgan strategists led by Nikolas Panigirtzoglou has, however, found that retail investment in Bitcoin is growing, while the amount being bought by institutional investors has slowly been decreasing.
The analysis found retail investors bought , BTC this quarter, while institutions bought , coins.
Last quarter, retail investors bought , BTC, compared to the , bought by institutional investors. Investors may be on the sidelines waiting for cryptocurrency exchange Coinbase to start trading on the Nasdaq.
Its public debut was scheduled for this month but was recently delayed until April. Mainstream adoption increases bitcoin's correlation with cyclical assets, which rise and fall with economic changes, in turn reducing benefits of diversifying into crypto, the investment bank said in a memo. Bitcoin is an "economic side show," it added, calling innovation in financial technology and the growth of digital platforms into credit and payments "the real financial transformational story of the COVID era.
Other investors this week said bitcoin's volatility presents a hurdle for it to become a widespread means of payment.
On Thursday, Tesla boss Elon Musk - whose tweets have fuelled bitcoin's rally - said owning the digital coin was only a little better than holding cash. More from Economy. Iran and China sign year cooperation agreement. No timeline given for freeing huge ship blocking Suez Canal.
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