Bitcoin Now Worth More Than NewZealand’s Economy
Bitcoin’s Growing Market Cap Balloons Over Some Corporate Magnates And Millionaires Worldwide
The tremendous price hike of Bitcoin had caused its market capitalization to balloon to such heights that it even exceeds some of the topmost billionaires and annual outputs of certain world economies. This could not stop a particular sect from being cynical about its growth curve and neither could the same cease the raging price rise of Bitcoin which solidified above $11000 on Monday. The current price of Bitcoin has helped in registering a 1000 % increase in the current fiscal. Bitcoin has surely come a long way since August when a single token could not afford anything more than a bunch of avocados to currently having about $19 billion worth Bitcoin in circulation.
At the time of publishing this article, Bitcoin price was $11,690 with a market cap of $195,477,353,540
Let’s take a look at the following things which Bitcoin has eclipsed in terms market cap.
UBS and Goldman Sachs
The price surge of Bitcoin has placed it in a higher rung compared to two of the most influential global banks; Goldman Sachs whose market cap was calculated to be $97 billion on Friday and Zurich-based UBS Group AG having a market capitalization of $6 billion. Individually they are no match for Bitcoin’s massive swell. Even when combined they fall short of Bitcoin’s magnitude. Both these financial heavyweights took a hands-off approach in dealing with the dynamic digital currency.
Lloyd Blankfein, the CEO of Goldman Sachs said that there is still time for drafting a Bitcoin strategy whereas UBS, the biggest wealth manager of this world stated that the associated threat of a government crackdown have kept them from allocating Bitcoins in its portfolios.
Gross Domestic Product of New Zealand
The tourism and farm led economy of this South Pacific nation accounts for $185 billion as per data published on July by the World Bank. This has placed New Zealand below Bitcoins by $5 billion. The market cap of this ever-swelling Cryptocurrency has already submerged countries such as Hungary, Qatar and Kuwait in its wave.
This jumbo jet manufacturer having a market cap of $162 billion falls short of the digital currency which was absolutely non-existent ten years back. This century old Chicago-based company describes itself to be the world’s largest aerospace firm and employs approximately 140000 people across 65 countries as per its official website. Stark rival Airbus SE is also not much better off with a market capitalization of just of €66 billion i.e. £58.3 billion.
Buffett, Bill Gates, and the Queen
The shining stars of Bloomberg’s Billionaires Index are also no match for Bitcoins in terms of its market capitalization. Warren Buffet and Bill Gates, two of the richest billionaires can’t acquire the entire Bitcoin in circulation even if they pooled their fortunes together. The index has revealed Buffet to have about $83 billion and Gates to be worth $90 billion. The Queen of England with her $383 million also can’t help Buffet and Gates climb over the Bitcoin Mountain.
Buffet had previously termed Bitcoin as a “real bubble.” Whether Bitcoin proves out to be just another fad can only be revealed with time but as of now the world has gone into frenzy after boarding the crypto bus.
Fourteen Aircraft Carriers
Military equipment’s don’t come in cheap. If Bitcoin with its total worth was given the task of buying the military gadgets, it surely will pack in a solid punch. The USS Gerald R Ford, belonging to a new class of nuclear-powered super carriers, got delivered in May to the US Navy. With an estimated cost of $13 billion per carrier Bitcoin investors worldwide could afford a fleet of fourteen ships if they put their holdings together.
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Tarunima Ghosh Laha
Tarunima Ghosh Laha is a Finance Post Grad from St. Xaviers who believes Finance is more than just Balance Sheets and Ledger creation. This filmy bookworm who believes she was a sloth in past life also nourishes a penchant of owning a private zoo someday. Equipped with a laptop and online Lexicon she is all set to give finance a glamorous makeover in the form of exciting writeups with bang on info and flashy new words.