Tuesday, December 5, 2017

Forget corporations, Bitcoin market cap just passed the annual GDP of both Greece and New Zealand

A new report out on Dec. 5 shows that the market cap of Bitcoin is not only bypassing the market caps of corporations, but is quickly aiming its sights on the GDP of nations.

In fact with Bitcoin reaching another new all-time high this morning of over $12,000 per coin, the combined market cap of the cryptocurrency is now greater than the annual GDP of both Greece and New Zealand, making it larger than the economies of 144 countries.

Bitcoin's unprecedented rally has boosted the cryptocurrency’s market cap to over $200 billion. That is more than the annual output of entire economies such as Greece and New Zealand. 
Views on bitcoin are broadly divided with some investors worried over the bubble nature of the phenomena, while others see it as a good investment. 
Regardless of the debate, bitcoin keeps marching on toward new record highs.
The world’s leading virtual currency has set another record, hitting $11,900 at 8:00 GMT on Tuesday. Starting the year below $1,000, the bitcoin token has surged nearly 1,200 percent. 
Crypto market tracker Coinmarketcap.com puts the total value of all bitcoins in circulation at more than $199 billion. The figure exceeds New Zealand's projected GDP for 2017 at about $198 billion. 
Its market capitalization is also bigger than the economies of Greece, Iraq, Qatar, and Kuwait, according to International Monetary Fund World Economic Outlook, released in April. If bitcoin were a country, it would be the 50th wealthiest nation in the world, ahead of 144 countries. – Russia Today


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