Fiat Money and Cryptocurrencies
I was looking up some stats on all the money in the world and according to this report here it's said to be around $80 Trillion or more. Ofcourse, it's hard to put a finger on this definitively as one can't know for sure.
There are some 200 countries out there and the amount of money in the world could be a lot more. Nevertheless, $80 Trillion is a sizeable amount to say the least.
If even some of this were to trickle down into the world of cryptocurrencies it would certainly take us to the moon and beyond.
Total market cap of the cryptocurrency at its peak was around $0.8 Trillion. That's a lot even as we're down significantly, it was incredible to have reached that figure even if momentarily.
The next few years will ensure greater innovation in this space. Projects such as Steem stand to gain from this if were able to achieve a turn around from the debacle we're in today.
Bitcoin is the market leader and also to an extent the market maker. Because, it is enabling a lot of the positive development in this space possible. There's also so few Bitcoins available in the market that if everyone wanted to get one there isn't enough to go around. The demand will out weigh the supply.
Large institutional investments is the first step towards bringing in a significant portion of the global cash reserves into the cryptocurrency space.
If we can survive the next couple of years and bring solid innovation in this space, even STEEM cryptocurrency to rise back into the big leagues and be worth exponentially more. Hopefully, we can last the bear market as well as the underwhelming development cycle witnessed in the past year.
Here's hoping that even a few percentage of fiat reserves comes into crypto over the next few years cementing cryptocurrencies as the evolution to the financial systems as we know today.
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@firepower, Yes, currently the market is really in sleeping mood but most importantly we have to concentrate upon the aspect of Developments and when we see Injection of Investments specially from the Institutional Investors then for sure Cryptocurrency Market will going to start it's real journey because, in that way we can see more stability because of the expansion of Technology and Opportunities. Let's hope for the best brother.
Wishing you an great day and stay blessed. 🙂
I’m sure more money will come into the crypto space I just think it’s going to be a few years yet ,perhaps dare I say it some people or institutions are waiting for regulations. Thanks mike
We crashed because the quick buck crowd lost faith and bailed. No matter. While this setback has been painful for those with the guts to stick it out, our time is coming. Infrastructure is being put in place. Bitcoin is real. We just need to wait for the financial sector to catch up.
Hi @clayrawings,
Really sir, I also thing it's a matter of time. Wait and watch game. Sooner or later Crypto will rock again.
Thanks
https://steemit.com/money/@gungasnake/the-problem-with-coin-mining
Other than that... ALL money is fiat money, even gold. Minus the fiat, gold would likely sell for a dollar or two an ounce. The value of gold is based entirely on psychology and psychiatry, and not economics or physics.
It really is amazing that cryptocurrency almost got to a $1 trillion market cap. Also it is going to be amazing to see what kind of currency this technology can unlock.
80 trillion. If crypto get 2 trillion, then bitcoin would worth 50 000 $ and more. It's possible.
great analysis bro . good information. 0.8 trillion is our highest market cap so far hope we will become 5 tillion by 2023 .
It is indeed very incredible that we reached the mark of 1% of the entire world´s money dedicated to crypto. Imagine when we reach 10% which is not that hard considering how many projects (with quality) are being developed, the future companies of $1B and $1T maybe.
It has come to the stage that most folks treat the crypto as a very sub-par investment tool and who dare to put some stake in it now could harvest big time if the previous bull ever hits again. But low could go lower, who knows right? I'm in for sure, on top of proper diversification of assets. Glad to see you around!
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