Many professional financiers may think that while the huge price gains in Bitcoin this year may be entertaining, they are ultimately irrelevant to the financial markets. That view may be unwise, however, as Bitcoin holds more mainstream implications than many think. In particular, the tech sector and financials have close ties to Bitcoin, as a big meltdown could wound stocks, including of major names like Nvidia. Bitcoin’s total market cap is now around $150 bn, and it is growing at breakneck speed, making it increasingly relevant and giving it more potential for collateral damage.
FINSUM: Bitcoin is big enough now that a meltdown would cause some worry in other markets. It could end up being a bellwether for bad things to come in core markets.