"The crypto-asset market resembles the early growth phase of the U.S. stock market"

An analysis has suggested that today’s crypto-asset (cryptocurrency) market is similar to the U.S. stock market in the early 1900s.

On the 19th (local time), Jamie Coutts, a crypto-asset market analyst at Bloomberg Intelligence, said, "The current crypto-asset market shares many similarities with the U.S. stock market in the early 1900s," adding that "stocks at the time posted explosive growth unlike any other asset class."

He went on to emphasize, "In the early 1900s, the United States grew into a global economic superpower and drew in capital. The current crypto-asset ecosystem is also on an upward trajectory." Above all, Coutts said he expects the spot Bitcoin ETF, which is anticipated to be approved in early next year, to spur massive capital inflows over decades.

In addition, the U.S. stock market in 1933–1934 operated under a lax regulatory environment and was maintained under the dominance of some large investors—an aspect that is also quite similar to today’s crypto-asset market.