Cryptocurrencies Market Cap Surpasses $300 Billions - And What Does This Mean?
The last few days were extremely bullish on cryptos, with Bitcoin nearing the $10,000 mark, and Ethereum hovering around $500. A side result of this growth is the increase in the total cryptocurrencies market cap, which, according to coinmarketcap, went over $300 billions a few hours ago.
What does this mean, in economical terms?
Well, if cryptos will be a country, that country will be between Singapore ($296 billions) and Philippines ($304 billions).
But it will be above countries like: Ireland ($293 billions), South Africa ($294 billions) or New Zealand ($181 billions). Source: wikipedia.
If cryptos will be a publicly traded company, their entire market cap just went over Wells Fargo ($278 billions - value recorded at the end of the first quarter of 2017). It will be also more than half of Microsoft ($568 billions - value recorded at the end of the third quarter of 2017) and close to half of Apple or Google ($791 and $664 billions respectively). Source: wikipedia.
I'm not digging up this data to validate my choices (being a supporter and contributor to this world, that is) but merely to put it into perspective. And, as spectacular as it is, this raw data means there is still a lot of room to grow.
The highest GDP in the world is US, with $18 trillions, which means cryptos may grow at least 60 times more until they equal just US.
Throw in EU and China, and you get another $18 trillions.
Fun times ahead.
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It's the moment of cryptocurrency , no doubt everyone who once opposed the concept of decentralization now joining hands with the same, to ensure that they don't miss this opportunity. I just did my 2nd post on curation community if ur intrested plz have a look there.
Of course, just a little bit more to meet the Federal Debt of the USA, which is over $20 trillion.
That number I didn't know. But I have a feeling that that debt will never be covered by cryptos. Unless China accepts Bitcoin. Oh, wait...
Ah, well, check here http://www.usdebtclock.org/
Then scroll down to the bottom and look at the unfunded liabilities (Social Security, Medicare, Medicaid, etc). Yes, that is $107+ trillion.
But, don't fret, its not like there isn't twice that much in World Government Debt....oh wait, there is.
It means that the world is a simulation and we were all put there by a desire to create digital money.
All of this has happened before and will happen again.
So say we all!
hang on a minute.
TEXAS has a $1.6 Trillion dollar GNP
The economy of Texas is the second largest in the United States. It has a gross state product of $1.616 trillion (2016),
The US is ten times that at $19.4 trillion in 2017
can you have a look here and see if data is correct? Maybe we're talking about different things.
your link said
The United States is the world's largest economy with a GDP of approximately $18.56 trillion,
I think you dropped a decimal point.
note: in the US we use the period...it would appear you guys use a comma for the same purpose.
confusing.
wikipedia..
US
Texas
$504.36 billion for the Dallas-Arlington-Fort Worth Metropolitan Statistical Area,
yeap, I missed zero there, will edit the post. Thanks, good catch :)
that's what I'm here for, you're welcome.
It will be fun to think of bitcoin rivaling these fortune 500 companies instead of the entire crypto market.
We can just invite people to enjoy earning STEEM crypto. Safer and fun because of its proof of Brain concept in acquiring coins for whatever purpose.
Those are great numbers and stats. Am sure that market cap will continue to grow aggressively in the coming years. Especially now that bitcoin is rallying wildly and becoming popular,the FOMO is real :)
And the happy dance continues, but be prepared for a pull back sooner rather than later. Like the red October, a trend doesn't last forever, just prepare yourself to take as much profit as possible
Thanks for looking out for everyone. As crypto currency grows, the amount of scams will continue to grow. i upvote your post,,please you upvote my last post.thanks