No, I’m not making typing failures in the headline, you will see. The total market capitalization of Steem coins is 110.8 million dollars today. The capitalization of the members of the Libra Association, the organization intended to manage Facebook’s planned new cryptocoin, is, by my raw calculations, at least 1,596 billion dollars.
Small fishes and big whales
That is 14,404-fold more than the capitalization of all Steem tokens. And the mentioned 1,596 billion is, in reality, a very-very-very conservative valuation. Because some companies are not public, have no known capitalization. (Known data: Bloomberg.com.) Others are non-profit organizations or small blockchain startups. Others, venture capital companies, with moderate capital but with who knows how much managed assets.
More members awaited
And, the number of these companies and organizations will keep growing, to 100 from the initial 28, by the plans of Facebook. If they effectively join their forces, it will be an incredibly big and powerful empire. (If politicians and regulators allow it, what isn’t sure yet.)
How much is 1,596 billion dollar? The list of countries by GDP on Wikipedia wrote (in millions):
Nr. 10. Canada 1,711,387
Nr. 11. Russia 1,630,659
Nr. 12. Korea, South 1,619,424
Nr. 13. Spain 1,425,865
Nr.14. Australia 1,418,275
So, the Libra Association, by my very conservative valuation, has a capitalization between the annual GDP of Spain and South Korea. Amazing. It is understandable why American Congress and Senate seem to be scared and want to make hearings with Facebook leaders middle July.
And Steem has to compete with this mighty organization in the industry of social media and media. It can be a good reason why the Steem price isn’t growing ultimately.
The data I used (from Bloomberg.com and Coinmarketcap.com):
I started a series with the title “Chart Of The Day” because I see every day interesting things on the markets or in the news. Other parts here: