Bitcoin Market Cap just passed PayPal

Photo credits to Udi Wertheimer.


Almost everyone has heard of PayPal before, the Payment service co-founded by Peter Thiel and Elon Musk after their companies X.com and Cofinity merged. Well as of yesterday evening Bitcoin market cap passed over $72 Billion, surpassing Paypal's $71 billion. Now back in May and June, many people were discussing "The Flippening", which was supposed to happen when Ethereum surpassed Bitcoin's market cap. Many thought the Ethereum train was never going to stop at the time. Well due to multiple factors, including many ICO's that were sitting on millions of dollars worth of Ether that needed to be exchanged to fiat for a more stable currency and for payments. The dumping of these large orders of ether caused ether to drop like a rock from it's peak at $400. Though now, there is a different flippening, this one is outside of Crypto as Bitcoin surpassed the payment service that helped revolutionize the world and the way we pay online (I'm looking at you eBay.) Now as of this morning Bitcoin's market cap has come back down to $68 Billion, but that doesn't mean we won't see Bitcoin pass it again. What's helping Bitcoin's price drive is a lot of mainstream news are posting about it breaking $4,000 barrier. Not only that Bitcoin is now three times the price of gold. Gold is currently $1,272 per ounce and Bitcoin $4,168 (as of writing this.) Bitcoin still has a ways to go if ever wants to reach Gold's market cap of $8.2 trillion.

The image below is a little out of date since, the Cryptocurrency market cap is about $136 billion as of writing this.

Some have discussed the real flippening where cryptocurrency becomes more popular than fiat cash. Per Futurism: "The sea of change yet to come could have more far reaching consequences, if and when digital currency as a whole becomes more popular than conventional fiat currency." That day may still be very far down the line, but at the rate technology is growing, it might be sooner than some think. This "new money" would have some major advantages over fiat currency, that it can't be manipulated as easy, it also would allow for "Universal Basic Income", a proponent many people fight for today, but just is really unrealistic at the moment given inflation rates and other issues (I'm not going to go more into that, because it could be a whole topic itself). A real issue with the flippening is once one party takes over, in terms of usage, the other won't be able to catch up. The other party will continue to lose value the whole way down. One of the biggest issues facing governments in the near future will be losing control of the money supply, that is why we see countries like China developing their own blockchain currency. Even the U.S. government see's cryptocurrency as a threat to the U.S. dollar. Russia has already began toy around with cryptocurrencies.

The next year is going to be exciting to see how government's try to handle cryptocurrencies. I'll leave it open to discussion in the comments. Tell me what you guys think about the future of money? I still love cash though, there is something about it, even though it loses it's value everyday as the U.S. government prints more of it.

If you liked this content, please upvote, comment, share, and resteem it!

Thanks!