Bitcoin surges to reach $1 trillion in market value

Source: YLG Group & Coin market cap, Bangkok Post Grapics

Bitcoin rose to another all-time high on Monday at 1.74 million Baht or $58,330.57 apiece as gold hit a seven-month low with traders suggesting the current price dip as a good time to buy gold.

Bitcoin on Sunday surpassed the one-kilogramme gold price, which stood at about $57,300.

The market cap of bitcoin has scaled up to larger than $1 trillion, estimated to reach 10% of the physical gold market cap.

In baht, the all-time price of bitcoin also reached a new high of 1.74 million baht, a bit higher than the one-kilogram gold bar price (purity 99,99%) at 1.73 million baht.

MTS Gold Futures’ chief executive Nattapong Hirunyasiri said, “This is a good time to buy gold as I don’t think real gold will lose investors’ interest.”

Mr Nattapong said an asset whose price moves too quickly can fall just as quick. I feel uneasy about the bitcoin price surge,” he said based on personal experience with hard crashes in gold prices.

Many parties have warned about the bitcoin price surge in a very short period spurred by fears of inflation from the flood of money injected into the US through its stimulus measures.

Source: The Bangkok Post