Bitcoin has taken flack from financial luminaries in recent weeks, but their skepticism did little to stop the most popular cryptocurrency from setting a new record high over the weekend.
One market observer told CNBC on Tuesday that at the rate the price of bitcoin was moving, its total market value could overtake Apple within five years.
"People need to start taking this seriously because today bitcoin caught up with Goldman Sachs," Ronnie Moas, founder and director of Standpoint Research, told CNBC's "Capital Connection." He added, "Within five years, it's going to catch Apple which has (a more than) $800 billion market cap."
Bitcoin's current market value is about $95.9 billion as of Tuesday afternoon Asia time, according to the website Coinmarketcap.com. Meanwhile, Thomson Reuters data showed Goldman Sachs had a value of $93.67 billion, and Apple's market cap was at $806.65 billion.
When bitcoin was trading at $2,600 earlier this year, Moas predicted it would hit $5,000. The digital asset was trading at about $5,700 on Tuesday.