This means that the sum of all bitcoins issued is the US $ 56 billion (approximately Rs. 5600 crores in Indian currency), a market value equivalent to Tesla Motors. It is a very relevant value if we consider that the real in circulation is around Rs.456 billion. In addition, Bitcoin regained some of its dominance: it accounted for more than 80% of all crypto-coins for more than three years but was losing space for other options such as Ethereum and less than 40%. Now, Bitcoin’s dominance is at 47.4%.
Does Bitcoin will become one day the universal currency?
Recently Bitcoin has been able to surpass all expectations ever imagined as to the value that a digital currency might one day be worth. Currently, a Bitcoin is on the market for $3415, which is a historic value and also making history in this type of currency. For the first time, the digital currency has managed to surpass the $3000 mark after a sudden rise in recent weeks. In addition to its value, its “credit” also becomes significant, attracting investors’ attention more and more, although it is not yet a declared assault on political and legal issues regarding the acceptance of this currency in view of the effects it might have on Currencies. The CoinDesk, which is a site specializing in news about digital currencies – founded by Shakil Khan and then bought by Digital Currency Group – quotes Arthur Hayes, CEO and co-founder of BitMEX leveraged platform for digital currency, which believes that since Bitcoin has exceeded the mark of 3 thousand dollars, the rate of appreciation of the price will accelerate dramatically. Moreover, the quotation is rising as SegWit gets closer to being activated on Bitcoin – technology increases the network’s ability to process currency, improves security, and in the future can allow for instant transactions as well. Still, Bitcoin is having to deal with a new currency, Bitcoin Cash, which emerged from a historical division and is already the fourth most valuable crypto. So, what do you think about this sudden dramatical rise? Simply share your views and thoughts in the comment section below.
