Bitcoin is one of the most popular cyrptocurrencies on the market, primarily backed by a rising user base. According to coinmarketcap.com, the market capitalization of the currency presently stands at more than $124.5 billion, much higher than the stock market valuation of both Goldman Sachs, Inc. GS and Morgan Stanley MS, which sit at $94.6 billion and $91.9 billion, respectively.
Also, on a year-to-date basis, bitcoin has outclassed the S&P 500 index. From $963.66 on Jan 1, the price of bitcoin has risen more than 600% against only 15.7% for the S&P 500. Thus, it is the right time for investors to add stocks that have a positive correlation with the virtual currency.
Record Customers Open Bitcoin Accounts
The virtual currency market has witnessed a record number of accounts for bitcoin traders after CME Group Inc. (CME) — the operator of the largest options and futures exchange in the world — announced its intention to introduce bitcoin futures by the end of the October-to-December quarter of 2017.
Coinbase — the United States’ largest bitcoin exchange — has roughly 100,000 new users willing to buy or sell the digital currency, per Alistair Milne. Coinbase added that as of now, it has as many as 11.9 million users. Also, CME Group’s plan to launch bitcoin futures pushed the virtual currency to its highest mark of $7,454.04 on Nov 3.