CommBank breaks a big share price barrier | Jessica Amir

Moomoo Market Strategist, Jessica Amir, was quoted in the Daily Telegraph's recent article about Commonwealth Bank's stock price reaching $150, and a market capitalisation of $250 billion.

She stated that, despite the decline in Australian banks' profits over the past decade, they remain the most expensive banks globally. Even though the market consensus is that bank stocks will eventually fall by 30%, people will continue to invest in them due to their scale.

Regarding Commonwealth Bank, Jessica stated, "Their shares will continue hitting all-time highs until the make-up of our Aussie market changes."

"We have this $4 trillion pool of superannuation funds and there's only so many companies that people can put our superannuation into."

"I think CBA shares have got a little bit more puff in them, and then I think we will see a pullback," she said.

"It's very natural. Stocks don't go up in a straight line, and I don't think it will be Australia's biggest company in five years'time."

She points out that title was likely to go to a resources company or innovators.

"The new kids on the block are rising to the top of the Aussie market, like Block. Block makes 40 per cent of its money from bitcoin transactions."

Jessica also said she expected Australia’s big banks to become more involved in cryptocurrency, especially following last week’s US presidential election victory by Donald Trump and his crypto-friendly team.

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