“Bitcoin burst into our financial consciousness like a fiery comet, setting the internet ablaze with visions of upending the existing global money system,” Sue Chang writes for MarketWatch. “Yet, by its nature as a cybercurrency, whose legitimacy only exists in the ether, its credibility leaves much room for debate.”
“HowMuch.net on Wednesday put things into perspective and demonstrated that for all the buzz and excitement bitcoin has generated, it still has a long way to go to be even remotely relevant,” Chang writes. “The current value of all the bitcoin in the world is worth about $41 billion, according to the cost-estimating website.”
“That is undoubtedly more money than most Americans will ever see in their lifetime,” Chang writes. “But when it comes to bragging rights, bitcoin really is the poor relation… For all its glitter, the total value of gold is a distant fourth, at only about $8.2 trillion, while U.S. dollars in circulation add up to $1.5 trillion. The next bubble is for Apple Inc. valued at about $730 billion…”
Read more in the full article here.
MacDailyNews Take: When Apple becomes worth more than all of the US.S. Dollars in circulation, we’re having a party! (Yes, yet another one.)