Bitcoin Market Capitalization Approaches $100 Billion USD
The market capitalization of bitcoin is currently sitting at approximately $94 billion USD after setting a new all-time high of over $92 billion USD earlier this week. Bitcoin’s market capitalization has so far made gains of over 600% during 2017, after starting the year at approximately $15.6 billion USD.
If compared with the market cap of the top 100 global companies according to Pricewaterhouse Coopers, bitcoin would rank 81st, just three places shy of Goldman Sachs – which boasts a market capitalization of $96 billion USD according to the data. Bitcoin would be one place above the United States Postal Service ($93 billion USD), and several places above Nike and Australian mining giant BHP Billiton – who both have a market capitalization of roughly $92 billion USD.
When contrasted with the annual gross domestic product (GDP) of nation states, bitcoin’s current market cap would garner it a ranking of 66nd when compared to 191 countries, according to IMF projections. If bitcoin were a country, it would be ranked behind Ukraine, who has an annual GDP of $95.9 billion USD. Ranking behind the hypothetical nation of bitcoin would be the Slovak Republic ($89.1 billion USD), Sri Lanka ($84 billion USD), and Ethiopia ($78.4 billion USD).
The total market cap of all cryptocurrencies is currently comparable to that of number thirty-seven ranked Philip Morris International ($175 billion USD), which trails just behind Home Depot Inc. and Toyota Motor Corp ($177 billion USD each). The total market capitalization of all cryptocurrencies is higher than the annual GDP of Algeria, the 55 largest economy ($173.9 million USD), and below that of Iraq ($189.4 billion USD).
Full story at http://bit.ly/2kTPgXG
Source: Bitcoin News
A $24 million mansion is going on sale in London — but you can only pay in bitcoin
An £18 million ($23.9 million) mansion is going on sale this month that can only be purchased in bitcoin.
The property, located near Portobello Road in the upmarket Notting Hill district of London, will only accept the digital currency as payment.
The price tag equates to over 4,000 bitcoin at Friday's price.
Lev Loginov, co-founder of property investment company London Wall, which bought the property in 2013, is hoping paying for property in bitcoin could be the future.
Full story at http://cnb.cx/2ghZtM6
Source: CNBC
Putin Orders the Issue of Russia’s National Cryptocurrency – the Cryptoruble
Russia’s Minister of Communications and Mass Media, Nikolay Nikiforov, said at a closed meeting with members of the Moscow Capital Club that Putin has ordered the issue of the country’s own cryptocurrency, the cryptoruble, AIFnewspaper reported on Saturday.
This decision followed the meeting that Putin had with Russia’s top regulators last week where he instructed the central bank not to create “unnecessary barriers” to cryptocurrencies. Referring to the text of the government’s decree on the issuance of the cryptoruble, Nikiforov said:
Nikiforov believes that “the cryptoruble will be issued quickly,” the publication noted. The official also said that the efficiency of the new cryptocurrency will “streamline the payment of personal income tax,” which would make the new currency legal tender in Russia.
Full story at http://bit.ly/2kRuRme
Source: Bitcoin News
Goldman Sachs: Not Trading Bitcoin Yet, But Still Interested
The demand for Bitcoin and the rush to invest in the digital coin are growing daily. Despite the criticism and ‘fraud’ accusations, great names like Goldman Sachs Group Inc. are thinking about introducing a cryptocurrencies trading desk and what kind of legal bottlenecks are involved.
It was reported earlier that the company is considering the possibility for its investors to trade in Bitcoin. The bank is yet to commence cryptocurrency trading and is looking into the legal implications.
A bank as experienced as Goldman Sachs wouldn’t want to jump into a business that may face regulations in the future; it has to be sure that the possible hurdles are looked into before taking a leap.
Goldman CEO Lloyd Blankfein on Twitter:
"Still thinking about #Bitcoin. No conclusion -- not endorsing/rejecting. Know that folks also were skeptical when paper money replaced gold."
Full story at http://bit.ly/2yKykJa
Source: CoinTelegraph
Cryptocurrencies Expected to Cause “Massive Disruptions” – IMF Managing Director
Speaking at the IMF Annual Meetings in Washington D.C., Lagarde warned financial institutions that “we are about to see massive disruptions” as a result of cryptocurrency and distributed ledger technologies. The IMF head stressed the need for institutions and regulators to “adjust… to the impact of the combined breakthrough technologies that will impact markets.”
The IMF Managing Director indicated that the institution is considering experimenting with applications for distributed ledger technology. Lagarde discussed such in the context of the IMF’s ‘Special Drawing Right’, a currency created and administered by the IMF intended to function as an international reserve asset. Lagarde stated “what we will be looking into is how this currency, the special drawing right, can actually use the technology to be more efficient and less costly.”
Lagarde described bitcoin as a broad and nuanced phenomenon, dismissing those who claim that bitcoin is a ‘fraud’, or a Ponzi ‘scheme’. Lagarde told reporters “I think we should just be aware of not categorizing anything that has to do with digital currencies in those speculation, Ponzi-like schemes, it’s a lot more than that as well.”
Full story at http://bit.ly/2z7nWYk
Source: Bitcoin News
Why Big Banks are so Nervous About Bitcoin
There was a time where Bitcoin was not even on the radar, it was a novel idea that was primarily used by thieves and drug dealers on the dark web. Nothing to be afraid of in terms of holding a monopoly on money.
However, that same little upstart is now disrupting the system of things; from Bitcoin and other cryptocurrencies, ICOs and the ever impressive Blockchain technology. This is now a legitimate threat on traditional banks.
"Bitcoin’s skyrocketing run in value, as well as adoption and mainstream acceptance, has led to banks - and regulators, getting very nervous and instigating a few knee jerk reactions. These reactions are, however, simply asserting the fact that Bitcoin is a legitimate disruptive threat."
Full story at http://bit.ly/2yKypMY
Source: CoinTelegraph
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