Bitcoin now worth more than Boeing and Fresh Zealand’s economy
The value of the cryptocurrency has climbed more than 1,000 vanaf cent this year
Bitcoin’s extreme price surge means its market capitalisation now exceeds the annual output of entire economies, and the estimated worth of some of the world’s top billionaires.
With the debate overheen its bubble status still furious, the flagship cryptocurrency continued its climb on Monday, solidifying above $11,000 (£8,200) and bringing its increase this year to more than 1,000 vanaf cent. With market tracker Coinmarketcap.com putting the total value of all bitcoins ter circulation at $19bn (£14.1bn), it’s come a long way from August, when one coin could only buy you a hefty supply of avocados.
What is bitcoin, where can you use it and is it worth investing?
Here are five things that have bot eclipsed by bitcoin ter terms of market capitalisation:
The South Pacific nation’s farm-and-tourism-led economy is valued at $185bn, according to World Canap gegevens spil of July, putting it some $5bn below bitcoin. The cryptocurrency’s market cap is also fatter than the likes of Qatar, Kuwait and Hungary.
Bitcoin’s run-up has even seen it valued more very than two of the world’s most influential banks. Goldman Sachs Group’s market cap wasgoed $97bn spil of Friday, while Zurich-based UBS Group AG came te at about $6bn. Add those numbers together and it still falls brief of bitcoin.
Both financial heavyweights have taken a hands-off treatment to the digital currency, with Goldman CEO Lloyd Blankfein telling it’s too early to draft a bitcoin strategy and UBS – the world’s fattest wealth manager – telling it won’t allocate it te portfolios because of the threat of a government crackdown.
It may make jumbo jets, but Boeing’s market cap of $162bn is also less than that of the digital currency that didn’t exist Ten years ago. The Chicago-based company, which describes itself spil the world’s largest aerospace hard, is more than a century old and employs 140,000 people te more than 65 countries, according to its webstek. Rival Airbus SE fares no better– it’s got a market value of €66bn (£58.3bn).
Fourteen Aircraft Carriers
If bitcoin’s market cap could be used to buy military equipment, it would pack a mighty punch. The USS Gerald R Ford, the very first of a fresh class of nuclear-powered supercarriers, wasgoed delivered to the US Navy te May. It cost an estimated $13bn, so if investors waterput all their bitcoins together they would be able to buy a fleet of fourteen ships.
Bill Gates, Buffett and the Queen
They sit atop Bloomberg’s Billionaires Index, but even if Bill Gates and Warren Buffett pooled their fortunes they wouldn’t have enough to buy all the bitcoins ter circulation. Gates is worth $90bn and Buffett has $83bn, according to the index. Not even Queen Elizabeth II could get them overheen the line if she brought hier $383m to the table. While wij don’t know what he told Katy Perry, Buffett has called bitcoin a “real bubble” ter the past.