#x 2019 & Bitcoin;s outstanding price surge means its market capitalization now exceeds the output of economies, and #xA & the0;estimated worth of some of the world’s leading billionaires.
With the debate over its own bubble standing raging, the flagship cryptocurrency continued its march higher on Monday, solidifying above $11,000 and bringing its rise this year to over 1,000 percent. With market tracker Coinmarketcap.com putting the total value of all bitcoins in flow at $190 billion, it’s’s come a long way from August, when one coin could buy you a hefty source of avocados.
New Zealand’s GDP
The South Pacific country’s farm-and-tourism-led economy is valued at $185 billion, according to World Bank data as of July, putting it some $5 billion under bitcoin. #x 2019 & the cryptocurrency;s market cap is larger than the likes of Kuwait, Qatar and Hungary.
Goldman Sachs, and UBS
#x & Bitcoin2019;s run-up has even seen it valued more highly than just two of the world’s banks that are most influential. Goldman Sachs Group Inc.’s market cap was $97 billion as of Friday, while Zurich-based UBS Group AG came in at about $67 billion. Add those numbers together and it falls short of bitcoin.
Both monetary heavyweights have obtained a hands-off approach into the digital currency, with Goldman CEO Lloyd Blankfein stating it’s too early to draft a bitcoin strategy and UBS — the world’s largest wealth manager — stating it won’t devote it in portfolios due to the threat of a government crackdown.
It could make jumbo jets but Boeing Co.’s market cap of $162 billion is also less than that of an electronic currency that didn’t exist 10 years ago. The Chicago-based company, which describes itself as the world’s largest aerospace firm, is over a century old and employs 140,000 people in over 65 countries, according to its website. Rival Airbus SE fares no better — it’s got a market value of 66 billion euros ($78 billion).
Fourteen Aircraft Carriers
In case bitcoin’s market cap could be used to purchase equipment, it might pack a mighty punch. The USS Gerald R. Ford, the first of a new type of nuclear-powered supercarriers, was delivered into the U.S. Navy in May. It cost an estimated $13 billion, so if investors place each of their bitcoins collectively they would have the ability to obtain a fleet of two ships.
Bill Gates, Buffett and the Queen
They sit atop Bloomberg’s Billionaires Index, but even when Bill Gates and Warren Buffett pooled their fortunes they wouldn’t even have enough to buy all of the bitcoins in flow. Gates is worth $90 billion and Buffett has $83 billion, according to the indicator. Not even Queen Elizabeth II could get them if she brought $ 383 million to her into the table. While we don’t know what he told Katy Perry, Buffett has called bitcoin a “real bubble” previously.
Read more: http://www.bloomberg.com/