Topic: [2017-12-05] All the Bitcoins in the World Are Now Worth More Than New Zealand (Read 1217 times)
December 05, 2017, 04:14:26 AM
This is quite expected as Bitcoin is continuing its surge saga and I assumed that is already looking into reaching the $15,000 mark soon as there is a good possibility that even before we enter 2018 it is already on that periphery. A lot of things are going nice for Bitcoin right now as there is no big bad news that can affect the confidence and trust bestowed on it. Negative comments coming from well-meaning and even well-known personalities warning about Bitcoin being just another tulip mania bubble are all ignored. Personally, I am watching how the futures contracts can affect the volatility and overall growth of Bitcoin...will futures put some rein in Bitcoin and make it somehow stunted or will it be a catalyst for it to make another historic surge especially in the early months of 2018? Let's watch and find our for ourselves. This is getting to be exciting...
December 05, 2017, 03:44:35 AM
The GDP of a country is not comparable to the market cap.
A large amount of countries' GDP is made up of goods and services that are used over a relatively short timeframe and produced repeatedly.
Market cap is not suitable for measuring the total value of BTC, and it's pretty much impossible to get a good valuation so it makes sense to just ignore this kind of article altogether.
A large amount of countries' GDP is made up of goods and services that are used over a relatively short timeframe and produced repeatedly.
Market cap is not suitable for measuring the total value of BTC, and it's pretty much impossible to get a good valuation so it makes sense to just ignore this kind of article altogether.
December 05, 2017, 03:01:13 AM
Bitcoin’s extraordinary price surge means its market capitalization now exceeds the annual output of whole economies, and the estimated worth of some of the world’s top billionaires.
With the debate over its bubble status still raging, the flagship cryptocurrency continued its march higher on Monday, solidifying above $11,000 and bringing its climb this year to more than 1,000 percent. With market tracker Coinmarketcap.com putting the total value of all bitcoins in circulation at $190 billion, it’s come a long way from August, when one coin could buy you a hefty supply of avocados.
Here are five things that have been eclipsed by bitcoin in terms of market capitalization:
New Zealand’s GDP
The South Pacific nation’s farm-and-tourism-led economy is valued at $185 billion, according to World Bank data as of July, putting it some $5 billion below bitcoin. The cryptocurrency’s market cap is also bigger than the likes of Qatar, Kuwait and Hungary.
Goldman Sachs, and UBS
Bitcoin’s run-up has even seen it valued more highly than two of the world’s most influential banks. Goldman Sachs Group Inc.’s market cap was $97 billion as of Friday, while Zurich-based UBS Group AG came in at about $67 billion. Add those numbers together and it still falls short of bitcoin.
Both financial heavyweights have taken a hands-off approach to the digital currency, with Goldman CEO Lloyd Blankfein saying it’s too early to draft a bitcoin strategy and UBS — the world’s biggest wealth manager — saying it won’t allocate it in portfolios because of the threat of a government crackdown.
Boeing
It may make jumbo jets but Boeing Co.’s market cap of $162 billion is also less than that of a digital currency that didn’t exist 10 years ago. The Chicago-based company, which describes itself as the world’s largest aerospace firm, is more than a century old and employs 140,000 people in more than 65 countries, according to its website. Rival Airbus SE fares no better — it’s got a market value of 66 billion euros ($78 billion).
Fourteen Aircraft Carriers
If bitcoin’s market cap could be used to buy military equipment, it would pack a mighty punch. The USS Gerald R. Ford, the first of a new class of nuclear-powered supercarriers, was delivered to the U.S. Navy in May. It cost an estimated $13 billion, so if investors put all their bitcoins together they would be able to buy a fleet of fourteen ships.
Bill Gates, Buffett and the Queen
They sit atop Bloomberg’s Billionaires Index, but even if Bill Gates and Warren Buffett pooled their fortunes they wouldn’t have enough to buy all the bitcoins in circulation. Gates is worth $90 billion and Buffett has $83 billion, according to the index. Not even Queen Elizabeth II could get them over the line if she brought her $383 million to the table. While we don’t know what he told Katy Perry, Buffett has called bitcoin a “real bubble” in the past.
http://time.com/money/5048100/bitcoin-is-now-worth-more-than-new-zealands-economy/
With the debate over its bubble status still raging, the flagship cryptocurrency continued its march higher on Monday, solidifying above $11,000 and bringing its climb this year to more than 1,000 percent. With market tracker Coinmarketcap.com putting the total value of all bitcoins in circulation at $190 billion, it’s come a long way from August, when one coin could buy you a hefty supply of avocados.
Here are five things that have been eclipsed by bitcoin in terms of market capitalization:
New Zealand’s GDP
The South Pacific nation’s farm-and-tourism-led economy is valued at $185 billion, according to World Bank data as of July, putting it some $5 billion below bitcoin. The cryptocurrency’s market cap is also bigger than the likes of Qatar, Kuwait and Hungary.
Goldman Sachs, and UBS
Bitcoin’s run-up has even seen it valued more highly than two of the world’s most influential banks. Goldman Sachs Group Inc.’s market cap was $97 billion as of Friday, while Zurich-based UBS Group AG came in at about $67 billion. Add those numbers together and it still falls short of bitcoin.
Both financial heavyweights have taken a hands-off approach to the digital currency, with Goldman CEO Lloyd Blankfein saying it’s too early to draft a bitcoin strategy and UBS — the world’s biggest wealth manager — saying it won’t allocate it in portfolios because of the threat of a government crackdown.
Boeing
It may make jumbo jets but Boeing Co.’s market cap of $162 billion is also less than that of a digital currency that didn’t exist 10 years ago. The Chicago-based company, which describes itself as the world’s largest aerospace firm, is more than a century old and employs 140,000 people in more than 65 countries, according to its website. Rival Airbus SE fares no better — it’s got a market value of 66 billion euros ($78 billion).
Fourteen Aircraft Carriers
If bitcoin’s market cap could be used to buy military equipment, it would pack a mighty punch. The USS Gerald R. Ford, the first of a new class of nuclear-powered supercarriers, was delivered to the U.S. Navy in May. It cost an estimated $13 billion, so if investors put all their bitcoins together they would be able to buy a fleet of fourteen ships.
Bill Gates, Buffett and the Queen
They sit atop Bloomberg’s Billionaires Index, but even if Bill Gates and Warren Buffett pooled their fortunes they wouldn’t have enough to buy all the bitcoins in circulation. Gates is worth $90 billion and Buffett has $83 billion, according to the index. Not even Queen Elizabeth II could get them over the line if she brought her $383 million to the table. While we don’t know what he told Katy Perry, Buffett has called bitcoin a “real bubble” in the past.
http://time.com/money/5048100/bitcoin-is-now-worth-more-than-new-zealands-economy/
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