The total value of the cryptocurrency market now stands above $2 trillion, putting it on nearly equal footing with the amount of gold held for private investment purposes, according to a new report from Bernstein. However, should bitcoin reach a $1 trillion market cap, that’s about one-tenth the size of the present gold arena. The entire gold supply is worth about $9 trillion, an amount that is 40 times larger than Bitcoin's market cap. Compare the two cryptocurrencies Bitcoin (BTC) and Bitcoin Gold (BTG). In contrast, Bitcoin has only 11 years and 7 months record as an operational public ledger. Among other things, he pointed to gold's 5,000-year history, compared to investors only recently viewing bitcoin as able to retain its value. Considering establishments’ gold holdings quantity to $4.41 trillion, BTC shows a 12.2% equal indicator, thus supporting its present $1 trillion market capitalization. Should bitcoin cash flip the market cap of gold given current data, the resultant price is a shimmering $441,800 per coin. Data shows bitcoin's march towards its … Bitcoin’s market cap sits below $200 billion while the … Still, questions remain around bitcoin's long-term viability, including from regulatory and environmental standpoints. Gold is one of 118 elements on the periodic table. Like cash. None of this is to factor in … However, for qualities like portability, transactability and ability to be used on a digital network (like the internet)—BTC literally created a category it defined: self-custodial blockchain-based assets—or cryptocurrencies. With the future looking far stranger than the past, there are only a few things we can be reasonably sure of: this won’t be the last time we break a US national debt record, Bitcoin does not look like it’s about to die anytime soon, and lastly, the fiat money printer always seems to go Brrr—whatever may be happening in the economy. With the yellow precious metal now hitting all-time highs, we decided to look into 5 ways to compare Bitcoin with its likewise limited in supply physical counterpart. Whereas gold has a reported above ground stock of 197,476 tonnes—with 54,000 tonnes estimated to be still beneath the earth’s crust—BTC’s circulating supply is currently 18.45 million, with 2.55 million BTC still to enter into circulation. Bitcoin dropped to $30,066, the lowest since late January. Galaxy Digital CEO and billionaire, Mike Novogratz believes Bitcoin (BTC) will outgrow gold as a store of value in the near future if current bullish momentum continues. Bitcoin’s recent price rise has increased anonymous cryptocurrency transactions. Yassine Elmandjra, a crypto asset analyst at Ark Invest, believes Bitcoin has the potential to surpass gold’s $10-trillion market cap. During the 2017 bull run, people became excited as the market cap grew from $14 billion in January to $69 billion by August. Taking into context institutions’ gold holdings amount to about $4.41 trillion, bitcoin displays a 12.2% equivalent indicator. One area that gold can clearly trump Bitcoin is in its history as a scarce asset. "Bitcoin can more easily be used as a store of value in any part of world (especially in countries with unstable fiat currencies) and is very liquid," she noted, pointing to the cryptocurrency's 24x7 network and near instantaneous transactions. Bitcoin vs Apple? However, it was at the end of 2017 that the market cap exploded in value to $315.8 billion in mid-December - Bitcoin's current all-time high. For centuries it has been hoarded by kings, private individuals, nation states and central banks. A key upside of gold being a physical element is that it is intrinsically simple as an asset class – you can touch and hold gold. Yassine Elmandjra, a crypto asset analyst at Ark Invest, believes Bitcoin has the potential to surpass gold’s $10-trillion market cap. BTC’s market cap currently 15% of gold’s cap. Gold is well known for having a 5000 year history as a store of value and medium of exchange. These assets [cryptocurrencies] might have the potential to perform that function," the firm said Tuesday in a note to clients. We want to hear from you. 28, 2021 10:33 AM ET Bitcoin USD (BTC-USD) ... 5% ETH, 5% other large-cap crypto projects spanning different market … Market Cap: $206 billion (Bitcoin) vs $12.7 trillion (Gold) Given the respective prices of both Bitcoin and gold, the total market cap of circulating supply for each asset comes in at $207 billion for Bitcoin and $12.7 trillion for gold. Bitcoin vs gold? Bitcoin, the largest cryptocurrency, traded around $43,300 on Tuesday, putting its market cap at roughly $800 billion, according to data from Coin Metrics. About. Alternatively, a recent Fidelity report quoted Nate Geraci (President of Investment Advisor, ETF Store) saying, “anecdotally, about 90% of their millennial clients said they prefer bitcoin to gold.” As we move into a new digital age, can the shiny yellow metal continue to retain its edge? As bitcoin continues its meteoric run, more investors are now reviewing the longstanding comparison between the famous cryptocurrency and gold. Crypto supporters often cite the potential for bitcoin to rival gold as a long-term store of value. It is reported that between 2,500 and 3,000 tonnes of gold is mined each year and brought into open circulation. Crypto has gone mainstream amid support from companies and institutional players, and investors are increasingly viewing digital currencies as a reliable store of value and a way to diversify portfolios. With a market cap of $1.07 trillion, Bitcoin now accounts for 9.85% of Gold’s $10.9 trillion. Bitcoin and ethereum posted their largest one-day drop since March last year on Wednesday, with losses in the market capitalization for the entire cryptocurrency sector approaching $1 trillion.. All Rights Reserved. Since there are 32,000 ounces per ton, we're talking about 5.482 billion ounces of gold in the entire world, based on this report. What is more valuable? Bitcoin market cap headed to $1 trillion in 2021, says bloomberg. Both Bitcoin's daily volume and the amount held by large addresses roughly match 10% of gold's. In contrast, digitally-native BTC is ethereal and its ownership can be passed between digital devices, papers, and brains. The value of one BTC is nearly equal to 1 kilogram of Gold. The total value of the cryptocurrency market is now above $2 trillion, putting it nearly on par with the amount of gold held as an investment, according to Bernstein. Bitcoin on the other hand has had a strict supply schedule hard coded into its consensus rules since day one. Bitcoin Gold; Market Capitalization and Volume (as of Feb 1, 2018) Market cap: About $150 billion Daily volume: About $8 billion in tracked exchanges * Source: CoinMarketCap.com: Market cap: Over $7.5 trillion Daily volume: $110- $230 billion/day in futures markets alone By this metric, the roughly $8 trillion of gold in the world dwarfs Bitcoin’s market cap of approximately $100 billion. Bernstein said bitcoin is primarily used as a store of value, while other digital currencies such as ethereum have functionality beyond being held as an investment. Bitcoin will have a higher market cap than gold,’ Novogratz says. As for gold, according to Nasdaq’s spot gold LBMA data, around 830 million Toz (troy ounces are a traditional unit of gold weight) was traded in June this year. In 2015 Bitcoin's market cap was around $3,000,000,000. Crypto bulls have long championed bitcoin as a modern-day replacement for gold, and by one measure, the new market is already close to surpassing bullion in that respect. Bitcoin vs Google? Any claim that these can be overcome in a short period of time seems hard to accept given their deep social nature," he said. "Bitcoin will be as transformative for money as the Internet was for information. At the present time of writing, gold’s market cap is around $9 trillion USD. The current level is eclipsing the old 61% high from early 2017—a year BTC saw a near 20-fold price increase. Bitcoin crossed the $1 trillion market … The total supply and all Bitcoin transactions can be tracked and independently verified in real time on the world’s first and most secure public blockchain. At present—across trusted spot exchanges—around $2 billion a day or $60 billion a month worth of Bitcoin is traded against the dollar. Gox. Most cryptocurrencies will plunge in value. The price of bitcoin would have to reach $240,000 for the cryptocurrency to overtake the precious metal's market capitalization. Market Cap of Gold and Bitcoin . Bitcoin trading volumes have been steadily growing since trading first went live over a decade ago on Mt. BTC can be transferred across its immutable blockchain, with the authority to do so residing from user-generated private keys that can be stored on a variety of digital wallet types. "There are very broad economic, legal and cultural issues at play here. The largest companies, assets and cryptocurrencies in the world are listed by market cap. When the value of gold for other purposes is also considered, the precious metal's market is still significantly larger. Algorithm, price, market cap, volume, supply, consensus method, links and more. In its pure form, it is a bright, slightly reddish yellow, dense, soft, malleable, and ductile metal. But Bernstein was quick to note that both gold and digital currencies have other uses. That makes Bitcoin over 60 times smaller than gold—or 1.62% of gold’s current market cap. Dado Ruvic/Reuters. Become a smarter investor with CNBC Pro. Get stock picks, analyst calls, exclusive interviews and access to CNBC TV. Sign up to start a free trial today. Interestingly, around 13% of gold’s market cap is traded each month in comparison to 29% for Bitcoin. Total mining supply is reported by entities like the World Gold Council or the US geological survey each year. After rallying more than 100% in 2021, Bitcoin ( BTC) seems to be struggling to turn the $60,000 level into support. Market value of $10 billion or more; It has a circulating supply of 18,709,825 btc coins and a max. Bitcoin, the largest cryptocurrency, traded around $43,300 on Tuesday, putting its market cap at roughly $800 billion, according to data from Coin Metrics. The total crypto market cap dumped more than $15 billion in 24 hours, falling well below the $300 billion level we were so excited about last week. There is no guarantee that this will happen—but central banks must be holding all that gold for some reason, right? The cryptocurrency’s market cap alongside its value surged from 2020 Q4, with the asset hitting an all-time high of $57,800 on March 12, 2021. Given both gold and BTC’s respective year-to-date appreciation of 30% and 55%, each asset has increased its market cap respectively by $2.9 trillion and $73 billion since Jan 1st, 2020. Since Satoshi Nakamoto dropped the Bitcoin whitepaper in 2008, the differences between gold and its scarce digital relative have been a topic of hot debate. ", She said bitcoin and cryptocurrencies more generally have "reached a tipping point" in terms of "institutional/retail adoption, dollar investments, talent working in the industry and liquidity.". What are the long term implications for scarce assets like gold and Bitcoin?—we can’t predict the future, but we will be monitoring it closely on Cryptowatch. Data is a real-time snapshot *Data is delayed at least 15 minutes. Pomp’s prediction is that by 2029, Bitcoin’s market cap will be higher than gold’s compared side-by-side. One crypto asset analyst at Ark Invest, Yassine Elmandjra, thinks that BTC has the potential to exceed gold’s $10-trillion market cap. â CNBC's Michael Bloom contributed reporting. Given the respective prices of both Bitcoin and gold, the total market cap of circulating supply for each asset comes in at $207 billion for Bitcoin and $12.7 trillion for gold. Like the bitcoin, gold must be obtained through mining. The market cap (MC) is around $5 trillion and Bitcoin is about $0.096 trillion. Then how are you going to pay for things on Mars? Just to demonstrate the scale of that number, if they managed to get that asteroid to our planet and divided it all out equally — everyone on earth would have an extra $93 billion worth of precious metals. Outside the exchanges, Bitcoin’s on-chain transactions volume (or lack thereof) can also be measured in what is known as a HODL-wave (BTC unmoved on the blockchain over the last 365 days). That said, Rawat's colleague Inigo Fraser-Jenkins is less certain about how investors will ultimately view bitcoin over the long term. Based on 2016 data, the country that mines the most is China, at 14% of annual production, with around 16% coming from North America and 19% from Africa. Every day, a fairly predictable amount of bitcoin is emitted into the economy, unlike physical commodities like gold, which vary more widely in production. The digital currency’s market capitalization also represents about 53.08% of Apple’s $2.07 trillion.
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