Bitcoin is now the 13th biggest country in the world after overtaking the Swiss Franc
The digital cryptocurrency - which can be sent from user to user on the peer-to-peer network without the need of a central bank - experienced a surge this week, shooting up to $66,000 and according to experts, it shows no signs of stopping.
Some analysts have predicted that with several more bitcoin ETFs expected to be approved by the US Securities and Exchange Commission (SEC), the latter months of 2021 could be "parabolic" for the market of cryptocurrency.
David Wachsman, CEO of emerging tech consultancy firm Wachsman, told The Independent newspaper: “The market cap of bitcoin has surpassed the trillion dollar mark, an element that indicates that the parabolic rise of bitcoin is continuing.
"This could suggest a further consolidation over the next months with a number of additional bitcoin futures ETFs in the US due to be approved over the coming weeks."
He went on to claim that the concept of cryptocurrency is no longer the niche market it once was.
He added: "While futures ETFs can be complex financial products for retail investors to leverage, there can be no doubt that the launches are a significant sign of how the asset class has gone mainstream. It is clear that crypto assets are no longer a niche market, with a broad range of participants including retail, institutions and corporates accelerating their involvement in the market."
