May 9 / 2017
Latest News / Editorial/
Cryptocurrencies combined now worth $40 billion
Exante’s Patrick O Brien reports how one virtual coin which nobody can see or touch is worth more than one ounce of gold. Who could believe in such a scenario, say 5 years ago!
Cryptocurrencies are strongly rising, and Bitcoin on going to print 1600 EUROS and I believe because of fundamental reasons. They are moving from early adopters to the first stage of wider acceptance. Regular investors are starting to purchase bitcoins and cryptocurrencies, and an increasing number of merchants are getting paid by cryptocurrencies, first and foremost bitcoin. Note that Eteherum and Dash are booming as well.
All cryptocurrencies combined are now worth $40 billion, which is still nothing compared to total money in circulation and the value of many funds.
And media are taking note, which suggests that the first phase of acceptance could start accelerating to a wider acceptance any time soon. On April 1, Japan started recognizing bitcoin as a method of payment, similar to prepaid cards and gift certificates. Since then, Bitcoin usage and awareness in Asia have been growing. One of the main reason bitcoin is increasing is because Japan changed its tax treatment on bitcoin late last year. Starting in July, the consumption tax for bitcoin, which is now 8%, will be eliminated. The other catalyst for bitcoin’s growth in Japan is, starting in April, the government has required bitcoin firms to get a special license which sets standards for finances and asset management structures. This provides some stability in the marketplace which has been skeptical to get involved with bitcoin after the failure of Mt. Gox in 2014. 18 firms applied for this license, 10 of which are new companies entering the mark
Thomson Reuters will chat with Anatoliy Knyazev, Managing Partner at EXANTE, which previously debuted the world’s first Bitcoin-only fund.on the 10th May 2017 at 11am UK time, Tune and Log in to a discussion on Bitcoin and Alternatives Currencies.
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