Crypto Market Cap Hits $100 Billion

On June 6, 2017, the day that the total cryptocurrency market broke $100 billion, the Bitcoin network produced $5.3 million in value for verified proofs-of-work on 151 mined blocks.

That is roughly $222,560 every hour and $3709 every minute in payouts.

Yet Bitcoin serves no government or institution. It has no agenda. It is only subject to the laws of its own computer code, which controls how its virtual currency is created and regimentally released into the world. Its code controls how users can exchange it and use it. These two simple principals combine to form a quasi-adept monetary policy, in essence making Bitcoin analogous to something like a central bank of the internet.

The market capitalization is a pittance when compared to other asset classes. The market capitalization of US stock markets is approximately $25 tln, or a thousand times the value of all cryptocurrencies in circulation. The value of all gold in circulation is approximately $7 tln.

The total market capitalization of all cryptocurrencies is roughly equal to the market capitalization of Snapchat and less than one eighth the market capitalization of Visa Inc.

Given the huge potential of cryptocurrencies in areas ranging from money transfers to smart contracts, cryptocurrencies are definitely not overvalued. If adoption increases further, their value could skyrocket.

#TheFutureIsComing

@craig-grant