Data Shows Bitcoin Is Now Worth More Than Half of Entire US Banking System
The market capitalization of the flagship crypto asset, Bitcoin, now beats that of more than 50% of all banks in the United States.
The popular pseudonymous crypto influencer DocumentingBTC compiled data from Bloomberg and the S&P.
It shows 1,500 US banks boast a total market capitalization of $1.9 trillion, while Bitcoin alone is valued at $1.05 trillion.
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.”
Last year, the the Office of the Comptroller of the Currency (OCC) gave US banks the green light to offer crypto custody services to their customers. Since then, BNY Mellon has announced it will support Bitcoin and other crypto assets through its new enterprise Digital Assets unit.
As for JPMorgan’s take on Bitcoin, the bank recently revised its long-term price target for Bitcoin from $146,000 to $130,000.
JPMorgan reasons that at the $130,000 price level, Bitcoin’s market cap would rival the total value the private sector has invested in the yellow metal.
“Mechanically, the Bitcoin price would have to rise [to] $130,000 to match the total private sector investment in gold.”
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Author: Daily Hodl Staff