Dec 22, · Bitcoin Gold (CURRENCY:BTG) traded down % against the U.S. dollar during the twenty-four hour period ending at PM Eastern on December 22nd. Bitcoin Gold has a market capitalization of $ million and approximately $ million worth of Bitcoin Gold was traded on exchanges in the last 24 hours. In the last week, Bitcoin Gold [ ]. Dec 10, · After October, liquidity has flooded into Bitcoin funds and out of JPMorgan Says Bitcoin Will Eat Up Gold Market Cap - BtcPro JPMorgan Chase & Co. claims that the growth of cryptocurrency in conventional finance is coming at the cost of gold, according to a Bloomberg Report. Nov 11, · Bitcoin will surpass the market cap of gold and could ultimately be worth $1 million, according to prominent cryptocurrency industry figure Bobby Lee. In .
Bitcoin gold market capitalizationWinklevoss Twins Reaffirm Bitcoin Price Prediction: $, Value With $9 Trillion Market Cap
The minority who opposed SegWit2X were bitcoin miners who were opposed to smaller transaction fees. We've also witnessed discernable weakness in the U. A weaker dollar helps promote foreign exports. Unfortunately, it comes at the cost of devaluing Americans' currency, which investors tend not to like.
Normally when the dollar devalues, investors seek the safety of gold, which is a finite resource and a perceived store of value. However, since bitcoin has protocol built in that allows for only 21 million coins to be mined, it, too, is perceived as a finite resource and has been a safe-haven source for investors. It's also hard to deny that momentum has played a role. This writer has seen a marked increase in advertisements for investments in bitcoin online, and the allure of the pace at which bitcoin's value is rising has likely drawn in new money.
Investors should also understand that bitcoin isn't a traditional "investment" like we see in the stock market. It can be bought and sold, but only a few exchanges allow users to "short-sell" bitcoin and bet it goes down.
This could be influencing its rising price as well. This gives you some idea of just how far this cryptocurrency has come in such a short amount of time. Let's take a look. News outlets have been particularly diligent in pointing out how bitcoin's value is leaving gold in the dust. But, it's gold that could still mop the floor with bitcoin if we compare the two based on market cap.
According to a report from Thompson Reuters GFMS, it was believed that , tons of gold had either been mined or was still in the ground. Since there are 32, ounces per ton, we're talking about 5. That's more than times the market cap of bitcoin at its all-time high! It's also worth pointing out that numerous reports exist on the world's total gold supply, and some suggest as much as 2.
Long story short, bitcoin still has a very long way to go to truly catch gold. According to data compiled by SiblisResearch. In fact, the largest U. Through Friday, Aug. Admittedly, nearly all of this cash is being held in overseas markets, because Apple doesn't want to be taxed for the repatriation of this cash. Would Apple do such a thing?
Not a chance. It's focused on returning cash to its shareholders and reinvesting in new technologies. Lastly, let's take a look at how bitcoin stacks up next to the currency it'd ultimately like to make go extinct -- the U. According to figures from the St. The monetary base has increased more than fourfold from the Great Recession, and it's currently about 55 times larger than that of bitcoin, even after bitcoin's enormous run. Despite its recent strength, this writer continues to believe that avoiding bitcoin is a smart move.
Without true fundamentals to analyze, deriving a fair valuation on bitcoin is difficult to ascertain. At the Fintech Festival, Tyler asserted that the cryptocurrency industry can only grow in collaboration with banks.
Still, the twins warned that overregulation is not good for the industry because it can stifle innovation. Finally, when asked to provide advice, the twins advocated for people to educate themselves about Bitcoin and cryptocurrency. The twins plan to expand Gemini Exchange to emerging markets. Tyler Winklevoss said the cryptocurrency industry can only grow in collaboration with banks.
Related Stories. Join the Discussion.