The Banks vs Bitcoin.... Bitcoin surpass the market capitalization of Citigroup.... Another WallStreet Heavyweight succumb to the digital currency
Bitcoin has surpass the market capitalization of Citigroup for the first time in its history. At the time of writing, the price of 1 Bitcoin currently stands at $12,848.40 USD, with a market capitalization of $214,872,144,660 USD and an impressive 24 hour trading volume of $9,180,820,000 USD. Citigroup current market capitalization stand at $ 202.73 Billion USD with a stock price of $76.54 USD with the WallStreet heavyweight also experiencing significant upside but that was't enough to keep Bitcoin from sailing past it. Here are Bitcoin recent stats
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Bitcoin has been on the tear this year smashing several records and estimates with analyst regularly reivising and updating their estimates. Some of WallStreet most famous banks have already been taken down with the likes of Goldman Sachs and Morgan Stanley suffering the same fate.
This achievement represents a significant milestone for the digital currency as it has official crack into the top 4 banks in the United States of America. With the momentum behind Bitcoin the likes of Wells Fargo & Co, Bank of America Corp and JPMorgan Chase & Co isn't far fetch with Wells Fargo & Co increasingly looking like the next target on the list.
While this isn't financial advice, one can certainly entertain the question of having money in these banks offering 0.5% interest while Bitcoin has given returns of over 1000% this year alone. It prudent to have some form of exposure to these gains especially in a age of wage stagnation and rising price putting households at a significant disadvantage with regard to spending power. To add insult to injury, the weight of taxes over ones head and significant bonuses that some of these top bank executives earn to bolster their living while the average household struggle to keep up with the bills. Bitcoin and other digital currency offer advantages to everyone, not just shareholders of these banks where profit sharing off your hard earn money is among a select few.
So here we all have a choice, Banks vs. Bitcoin(other digital currency), would you be happy leaving your money in the bank or would you be happy putting some into digital currency. An again I stress this isn't financial advice, but it only makes sense to take some of that savings an stash a little into some varying cryptocurrency and leave a little in the banks for comfort that isn't offering much but a miserable 0.5% interest if you are lucky.
Until next time, we keep an eye out for Bitcoin journey to Wells Fargo, Bank of America and JPMorgan, certainly it would be an entertaining interview hearing the thoughts of Jamie Dimon when Bitcoin sails pass JPMorgan, I wonder what would be his thoughts?
Sources
https://coinmarketcap.com/currencies/bitcoin/#markets
http://www.bankrate.com/banking/americas-top-10-biggest-banks/
https://www.marketwatch.com/investing/stock/c
Nice to see it pass Citigroup! Now let's
Move to the next !
TOP4, we have Wells Fargo next on the list, followed by Bank of America and at the top JPMorgan
All I can say is that I'm a happy holder!
Yep, its good to hodler, that's the life and with SALT and CoinLoan there really isn't any need to exchange your your crypto asset into fiat
it has even surpassed the wealth of Warren Buffet and Bill Gates
We hope they are not the biggest holders, we live in a strange world, some things are not privilege to the public and when there is no need to report we may never know
Mind-boggling on how the BTC priced increased in just a few days. This is a good thing for investors as they have a lot to gain if they would put in to BTC rather than in banks. Great ways to earn via trading too with BTC as it is easy to do so.
The thing is that we also often rely to cashout via fiat to use our BTC's but maybe soon a 90% total adoption would soon realize, maybe not n our lifetime.
Yea it would be nice to have a system where we can keep our crypto asset and leverage it to get fiat that we can use for everyday uses where BTC/ crypto isn't possible, hopefully we can have many SALT, its feels like giving up your rights, selling your BTC these days....lol
I am sure Wallstreets are brewing covet operations to crash Bitcoin, but the entire lives the Blockchain and It's Altcoins had changed will foil their Greedy evil plans.
Bitcoin is a unique asset, with Gold you can buy X amount of contracts and then dump it and drop the market but with Bitcoin, the big account holders aren't these big institutional investors, so even if they buy a large amount and dump it on the market, Bitcoin hands are quite strong and there are plenty investors waiting for the drop that can easily soak up that selling pressure... Probably Bitcoin Cash would give it a little competition but I can't really see much at that kind of level... The mechanics behind Bitcoin is quite unique and not easily controlled
It is a complex entity my friend, requiring so many forks means This Wall Streets Moguls have no clue what they are stumbling upon
Central banks are starting to fear it, it surpasses one by one all major financial behemoths at a phenomenal pace.
They have ignored it for 9 years, now it is crushing their market. Those parasites won’t be a problem anymore in a couple of years.
We would see how this plays out, probably we get a better interest on our savings as Bitcoin offers better run, that the only way I can see them enticing depositors apart from that, I really don't see the appeal and well we have as they put it "protection" but we know better, when the bank is going under, depositors face the greatest burden
thats great...
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