Briefing

Bitcoin’s market cap hits US$1 trillion

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The digital currency’s total market value broke through the milestone after a wild run, adding more than US$450 billion of value in 2021 alone. (Bloomberg)

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Talking point: Bitcoin keeps smashing records as it becomes increasingly tied to the mainstream financial system. Yesterday, the world’s first physically settled Bitcoin exchange-traded fund started trading on the Toronto Stock Exchange, reaching record volume as traders bought and sold more than $260 million. Skeptics argue the very concept of “market capitalization” may not be appropriate for Bitcoin, which isn’t a company or a commodity in the traditional sense and has no government backing. U.S. Treasury Secretary Janet Yellen called Bitcoin a “highly speculative asset” and warned that low interest rates may be contributing to frothy valuations in the stock market. The common Bitcoiner retort to that line of thinking? “Have fun staying poor.”