Published On: Mon, Nov 27th, 2017

Top 30 World Currency Bitcoin is Now Bigger Than ‘Korea’s Nasdaq’

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As Bitcoin prices hover below the magic $10,000, the virtual currency has already surpassed Venezuela’s currency and asset value.
One More Reason For Venezuela To Go Bitcoin…
Using a homemade comparison, BitGo engineer Jameson Lopp showed that Bitcoin’s current market cap of $163 billion is now higher than Venezuela’s ‘M1’ currency value.
M1 specifically computes figures based on “the total quantity of currency in circulation (notes and coins) plus demand deposits denominated in the national currency, held by nonbank financial institutions, state and local governments, nonfinancial public enterprises, and the private sector of the economy.”

Venezuela has frequently made the headlines this year as an economic crisis forces more and more citizens to use Bitcoin to survive.
Recently, Bitcoin also surpassed the M1 values of Ireland, Denmark, Singapore, and others in the top 30 currencies worldwide.
Prices are currently showing volatility in the run-up to $10,000, a flash crash Monday seeing BTC go from $9700 to $9300 in minutes. On the topic of prices, even Lopp himself stated there was a “very clear floor” of $0, adding on Twitter that hodling was still “safer” as an approach to Bitcoin ownership.

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