Friday, May 26, 2017

Bitcoin's market cap is now larger than that of Germany's largest bank

With the extraordinary moves in price for Bitcoin and other cryptocurrencies since the beginning of the year, it was only a matter of time before their market caps began to compete with some of Wall Street's biggest companies.  However with the price more than doubling in just the past 20 days alone, an interesting fact has emerged that could soon shake the entire financial industry.

Because as of May 26, the market cap of Bitcoin is now greater than that of Germany's largest financial institution Deutsche Bank.

Bitcoin’s market cap is now $2 bln higher than that of Deutsche Bank, as an upwards price correction takes it over $40 bln once more. 
Data uploaded to Reddit shows Deutsche Bank’s market cap at €35 bln ($39 bln) and trending downwards, while Bitcoin has mostly recovered from yesterday’s losses, CoinMarketCap shows.
Bitcoin Charts

It is perhaps not as ironic as one would think that a completely virtual form of money would grow to have a larger global footprint than longstanding financial institutions that primarily deal in sovereign fiat currencies since the wealthiest industries today in regards to market cap are almost all tech companies listed on the S&P 500.  And it is also a signal to economies that digital forms of money are quickly supplanting the long-standing paradigms of physical cash ownership, and could soon become the standard just as robots soon replace workers in any myriad of industries.

2 comments:

Just as you said previously, it is a speculative play.

Bitcoin the Ponzi scheme:

http://newstarget.com/2017-05-24-do-the-math-heres-the-rational-analysis-why-99-of-current-bitcoin-owners-will-never-be-able-to-sell-bitcoins-for-anything-close-to-the-imagined-current-value.html

This useful site is just a single number that represents all the money a company brought in during a specific time period.

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