Feb 26, · For Bitcoin to reach the same market cap as Silver, the required price is $2, The Bitcoin Price is close to matching that of an ounce of Gold but, of course, the supply of Gold . How Does Bitcoin's Market Cap Stack Up Next to Gold, the S. Aug 17, · In a recent post on twitter, Pompliano predicted that Bitcoin’s market cap will exceed that of Gold by 31 st December What Gold Bugs Say. Truth be told, Pompliano’s prediction is a pretty audacious one and indicates the totality by which some of the top Bitcoin .
Market cap btc goldBitcoin will 'surpass market cap of gold' - Asia Times
Get your gloves on, because you're going to need them. Since concerns about a possible split into two separate currencies riled the bitcoin community in mid-July, the cryptocurrency has since more than doubled in value. Why the bullishness surrounding a currency that's not backed by any government? For starters, the recent split into two currencies , bitcoin and bitcoin cash, has investors in the original bitcoin excited about its future potential.
This upgrade allows for some of the data within bitcoin's blockchain its decentralized digital ledger for recording transactions to be moved out of the main bitcoin network. Doing so should speed up transaction times and settlements, increase the capacity of the bitcoin network, and help to lower transaction fees. In other words, it makes bitcoin more appealing to businesses. 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? He noted that in the next decade, the amount of Bitcoin released to miners each block will halve three times. More scarce than gold! His arguments are in line with predictions by a well-established model charting the Bitcoin price — stock-to-flow.
Lee also joined PlanB in predicting far higher Bitcoin prices in the latter part of the next decade or beyond. The idea of Bitcoin usurping gold as an alternative store of value still has major detractors.
Among the most vocal is Peter Schiff, the gold bug who has become infamous for his social media slighting of both Bitcoin and its proponents. Equally vocal about Bitcoin is the famously eccentric RT host Max Keiser, who tirelessly advocates cryptocurrency supremacy on mainstream media, Crypto News Alerts reported.
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