The one million dollar coin is a joke! or is it?
Every once in a while we read in the media about some “crazy” guy predicting Bitcoin could reach a million dollars in price. Yes, we all laugh, think that’s crazy, dismiss it another regular piece of fake news by the mainstream media, and continue on our day.
However, I was curious to compare the growth of crypto currencies with that of Facebook, that monster we all hate, love and use at the same time, just to have an idea of how high we could go if crypto currencies reach the level of popularity Facebook now enjoys.
This report was conducted early 2017 by the Cambridge Center for Alternative Finance with support from VISA, inc and it collected data from over 100 cryptocurrency companies spread across 38 nations, accounting for about 75 percent of the entire crypto-industry.
Screenshot from the GLOBAL CRYPTOCURRENCY BENCHMARKING STUDY
Based on data from the report there are currently about 2.9 to 5.8 million active wallet users worldwide. This is a number that pales in comparison to Facebook users today, so there's plenty of room for growth. I believe we can safely say we are in the very early stages of crypto adoption. I also believe that unless there's some crazy and unexpected black swan event crypto is here to stay.
The following chart compares web traffic of Facebook.com vs Coinbase.com (one of the most popular crypto exchanges and online wallets in the world)
But wait, there more! The race for 3 billion more people
Also, all this impressive Facebook growth does not include the more than 3 billion people who live in the third world and don't have access to internet or modern banking. All the big companies like Google and Facebook are on a race to bring them online very soon. Even some smaller crypto companies, like Blockstream, are beginning to see their potential and have them on their sights with their recently launched Bitcoin Blockstream Satellite network that is broadcasting the Bitcoin blockchain from space.
Blockstream Network of Satellites' reach around the globe
So, what do you think? Does that million dollar coin sound ridiculous now?
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Tell me what you think about this post in the comments below. This is not professional investment advise. I'm not your financial advisor. Only invest money you can afford to lose!
Happy crypto investing!