Thursday, August 17, 2017

Bitcoin's market cap now almost bigger than that of two major banks combined including Goldman Sachs

While we are talking two different types of apples when comparing Bitcoin to a financial service company, the bottom line is that the rise in the cryptocurrency's popularity has been much greater than Wall Street investor's infatuations with big bank stocks.

And with Bitcoin's price climbing above $4400 per coin recently, and its market cap soaring above $120 billion, this virtual asset is now almost bigger than the market caps of two major global banks combined.

Graphic courtesy of Coin Telegraph
BITCOIN and other “cryptocurrencies” are big money, virtually as big as Goldman Sachs and Royal Bank of Scotland combined. 
The price of a single bitcoin hit an all-time high of above US$4,200 last week, dragging up the value of hundreds of newer, smaller digital rivals in its wake. Now some investors fear a giant crypto-bubble may be about to burst. 
At the start of 2017, the total value — or market cap — of all cryptocurrencies in existence was about US$17.5 billion, with bitcoin making up almost 90 percent of that, according to industry data firm CoinMarketCap. 
It is now around US$120 billion — around the same value as Goldman and RBS together — and bitcoin makes up only 46 percent. - Shanghai Daily
And just think... Bitcoin didn't even need a central bank buying its assets (coins), or for the entity to buy back its (shares) the same way Goldman Sachs and RBS have had to in growing their own market caps.

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