There are 194 reported national currencies on our planet (including Bitcoin). Bitcoin sits at #34. Bitcoin’s market cap now sits at nearly $120 billion. It was just trickling into the $90 billion range not even a month ago. Right now, Bitcoin is worth more than the British Pound, New Zealand’s dollar, Israel’s shekel, and much more.
Bitcoin is Seeing Rapid Adoption
Remember, bitcoin is barely nine years old. Something this young that hasn’t even gone mainstream yet is definitely worth keeping an eye on. Every single currency on that chart does not have a cap like bitcoin does. When 21 million coins are mined, the only revenue miners will receive for mining are transaction fees. No newly generated coins will hit the market. Since there is a finite supply of bitcoin, the price will rise rapidly with the demand.
image source: w-dog
From a security standpoint, bitcoin is superior compared to normal fiat. Since Bitcoin operates on a P2P (peer-to-peer) protocol, you, the individual, are in charge of your money. There are no banks or regulations. This is a very appealing factor to new investors.
“To me, Bitcoin represents the choice to use alternatives where otherwise it would be prohibited to use alternatives. Bitcoin is a global currency and Bitcoin is the de facto currency of the internet today. Bitcoin is is the most successful open borderless currency that has ever existed. It is already a reference of value for many of the people at this conference, it has been my source of income for the last three years, almost exclusively, and it is a foundation of my ability to travel around the world and advocate it. I am already using it as my preferred currency for the vast majority of my expenses. I do that voluntarily,” -Andreas Antonopoulos (source)
As stated above, Bitcoin is still in its infant stages. Many wealthy investors have yet to find the cryptocurrency world. Every dollar that enters the new market has the capability of making bitcoin’s price rise. This guy thinks bitcoin will break the $10,000 ceiling in April. Instead of buying a cup of coffee every day, save the spare change and buy bitcoin. Worst comes to worst, you’re out of a few cups of coffee.
featured image source: w-dog