By Shalini Nagarajan
Bitcoin's market cap could reach $1 trillion sometime in 2021 (click here) as investors take its reserve currency status more seriously, according to Garrick Hileman, head of research at Blockchain.com.
Major institutional players like Stanley Druckenmiller, BlackRock, Bill Miller, and Jack Dorsey have acknowledged that bitcoin is not only going away, but is becoming a reserve asset and validating the digital gold thesis, Hileman said.
Bitcoin has a current market cap of about $442 billion, while that of gold's stands at roughly $10 trillion. This week the cryptocurrency gained 12% over two days alone, and was trading at $22,994 on Saturday.
"My expectation is that bitcoin will become a trillion dollar asset as early as next year," the crypto researcher told Business Insider....
Tesla (click here) gained as much as 4% and hit all-time-highs on Friday ahead of its unprecedented inclusion into the S&P 500 index.
The electric vehicle manufacturer will be snapped up by index funds throughout the day on Friday as the S&P 500's inclusion of Tesla is made effective before the market open on Monday.
With a market value of nearly $650 billion as of Friday morning, Tesla will be the largest company ever added to the popular stock market index. The company will account for more than 1% of the index and will be the 6th largest company in it, ahead of Berkshire Hathaway and behind Facebook.
Tesla became eligible to be added into the index earlier this year after it posted its fourth straight quarter of profits, in part fueled by its sale of regulatory credits to other automakers who don't yet produce enough EV cars on an annual basis to hit government requirements....
