Bitcoin hits $1 trillion market cap, surges to fresh all-time peak NEW YORK/LONDON (Reuters) - Bitcoin hit a market capitalization of $1 trillion as it rose to yet another record high on Friday, countering analyst warnings that it is an “economic side show” and a poor hedge against a fall in stock prices. The world’s most popular cryptocurrency jumped to an all-time high of $56,399.99, posting a weekly gain of 14%. It has surged nearly 70% so far this month and was last up 8% at $55,664. Bitcoin’s gains have been fueled by signs it is gaining acceptance among mainstream investors and companies, from Tesla Inc and Mastercard Inc to BNY Mellon. All digital coins combined have a market cap of around $1.7 trillion. “If you really believe there’s a store of value in bitcoin, then there’s still a lot of upside,” said John Wu, president of AVA Labs, an open-source platform for creating financial applications using blockchain technology. “If you look at gold, it has a market cap of $9 or $10 trillion. Even if bitcoin gets to half of gold’s market cap, that’s still growth of 4X, or $200,000. So I don’t know when it stops rising,” he added. The next milestone will be overtaking Alphabet Inc, currently valued at $1.431 trillion, said Jacob Skaaning, portfolio manager at crypto hedge fund ARK36. FILE PHOTO: A representation of virtual currency Bitcoin is seen in front of a stock graph in this illustration taken January 8, 2021. REUTERS/Dado Ruvic/File Photo “There will likely be some big fluctuations along the way, but I’m still very bullish and I believe the uptrend will continue for the time being,” he added. Still, many analysts and investors remain skeptical of the patchily regulated, highly volatile digital asset, which is little used for commerce. Analysts at JP Morgan said bitcoin’s current prices were well above estimates of fair value. Mainstream adoption increases bitcoin’s correlation with cyclical assets, which rise and fall with economic changes, in turn reducing benefits of diversifying into crypto, the investment bank said in a memo. “Crypto assets continue to rank as the poorest hedge for major drawdowns in equities, with questionable diversification benefits at prices so far above production costs, while correlations with cyclical assets are rising as crypto ownership is mainstreamed,” JP Morgan said. Bitcoin is an “economic side show,” it added, calling innovation in financial technology and the growth of digital platforms into credit and payments “the real financial transformational story of the COVID-19 era.” Other investors this week said bitcoin’s volatility presents a hurdle for it to become a widespread means of payment. On Thursday, Tesla boss Elon Musk - whose tweets have fueled bitcoin’s rally - said owning the digital coin was only a little better than holding cash. He also defended Tesla’s recent purchase of $1.5 billion of bitcoin, which ignited mainstream interest in the digital currency. Graphic: Cryptocurrencies surge multi-fold from March lows - Bitcoin proponents argue the cryptocurrency is “digital gold” that can hedge against the risk of inflation sparked by massive central bank and government stimulus packages designed to counter COVID-19.https://www.reuters.com/article/us-crypto-currency-bitcoin-idUSKBN2AJ0GC
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The world should not forget about action on climate and healthcare: HUL MD Sanjiv Mehta 3 min read . Updated: 20 Feb 2021, 02:14 PM IST Suneera Tandon HUL chairman and MD Sanjiv Mehta said businesses we have to adopt sustainability as a business goal Mehta urged industry to start manufacturing API's again New Delhi: Sanjiv Mehta, chairman and managing director, Hindustan Unilever Ltd (HUL), India’s top fast moving consumer goods company, said climate crisis and healthcare are the two big lessons that businesses and people the world over must focus on as the world tries to emerge out of the extreme healthcare crisis brought about by the covid-19 pandemic. “If I have to pick up two big lessons that the world should not forget—one is to accelerate on climate, the other is healthcare," Mehta said. Airbus CEO Guillaume Faury calls for transatlantic trade war ceasefire Mehta was speaking at the All India Management Association’s (AIMA) 65th Foundation Day and 15th National Management Day on Saturday—held virtually, where he was also awarded the JRD Tata Corporate Leadership Award. “So my urge would be that first, as a world, we have to stop procrastinating and take concrete steps. And as businesses we have to adopt sustainability as a business goal," he said. Mehta said India can become the affordable healthcare capital of the world, winning a greater share in global API manufacturing. “And I believe…just like the Y2K crisis, gave a stimulus to the IT industry in the country, the current pandemic could give a real momentum to the healthcare industry in the country. And healthcare we need for our own population, as well as going up the value chain as well as being a major provider of pharmaceutical products to the world. We also realize that by giving up local manufacturing of API or active pharmaceutical ingredients we had done a big disservice to the nation. Going back and starting to manufacturer API's is also very critical. I believe India can really become the affordable healthcare capital," he added. This, he said, could be a massive growth engine for the country. Mehta also drew focus on the need for businesses to be more cognizant about their impact on the environment and keep suitability in mind especially as the world over climate change is leading to devastating effects on global weather patterns, causing natural disasters and related economic disruptions. “…for pandemic we will get a vaccine. We have got a vaccine people will get vaccinated. But for climate there won't be a vaccine. And I think we have to stop procrastinating," he said. Last year, Unilever—which sells brands such as Dove soaps and Pepsodent oral care products—said it plans to achieve net zero emissions from all its products by 2039. The company also pledged to drive programmes to protect and restore forests, soil and biodiversity among other initiatives.https://www.livemint.com/companies/people/the-world-should-not-forget-about-action-on-climate-and-healthcare-sanjiv-mehta-11613809325245.html