The Bitcoin Economy in Numbers


Just how big is this Bitcoin?

We all know the term ‘money in the bank’. For most people, money is physical coins and notes, or numbers in your bank sheet. Bitcoin however, is none of the above. It is the cryptocurrency that only keeps growing, although its demise has been predicted numerous times before. Yet the virtual money keeps going from strength to strength.

Here are a few interesting facts: Last year, Bitcoin became more stable than gold. Earlier in 2017, the price of a Bitcoin surpassed that of an ounce of gold for the first time. Currently, all the bitcoin in the world is worth $41 billion. That is pretty much the same worth as Larry Page – Google co-founder.

If you look into the attached infographic, You’ll find both fortunes at the right side, and the lower end, of this graph, which gives you an idea of all the money in the world. A combination of global economic turbulence and speculations over the potential impact of Bitcoin halving has helped lift the price of the digital currency to multi-month-high this year.

Image credit: howmuch.net

A massive success story

Bitcoin is the Google of cryptocurrencies: the biggest, and best-known, but it is not the only one. Add it up to Litecoin, Monero and all the others, and the total volume of virtual money floating around the internet, out of the reach of governments and banks, is a whopping $100 billion.

The monetary value of tech giants like Amazon ($402 billion) and (Apple $730 billion) is equivalent to the GDP of much bigger economies (Nigeria and the Netherlands, respectively). In fact, you would only need a little more than two Apples to equate the amount of actual money in dollar notes and coins in circulation around the world today – $1.5 trillion.

2017 prediction

Several analysts, including investment banks, have weighed on the likely direction of Bitcoin in 2017. The predictions generally imply that Bitcoin prices will continue to rise in the coming year. Analysts at Juniper Research have not issued a specific price target for Bitcoin in 2017, but they believe that transactions in the digital currency will rise sharply in the coming year to $92 billion. A growth in Bitcoin transactions should lift prices along with it.

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