Bitcoin now bigger than Bayer, Goldman Sachs & Nike


View the original article: https://www.rt.com/business/406565-bitcoin-record-high-bayer-goldman/?utm_source=rss&utm_medium=rss&utm_campaign=RSS

The value of the world’s largest cryptocurrency bitcoin has broken the $5,800 mark, hitting another all-time high before retreating to the $5,600-$5,700 level, still close to the maximum.

Read more

Bitcoin smashes $5,000 ceiling to hit another all-time high

Its market capitalization is approaching $97 billion. If bitcoin were a company, its market cap puts it in the same league as some of the world’s top corporations.

The cryptocurrency would be in 77th in PwC’s list of the top 100 corporations, bigger than Bayer, Goldman Sachs, UPS, Nike, and Mitsubishi.

Bitcoin is up over 480 percent year-to-date.

The reason behind the rally is talk China may reverse the ban it imposed on cryptocurrency exchanges last month. The Chinese central bank also declared initial coin offerings (ICOs) illegal and banned fundraising through ICOs.

After the Chinese ban, the Japanese yen consolidated the global trade volume, with 57 percent of bitcoin’s fiat exchange volume. The US dollar and South Korean won follow.

Some investors say bitcoin bulls could test a new ceiling of $6,500. They are also buoyant that banking giant Goldman Sachs is likely to start trading bitcoin.

Mike Novogratz, Galaxy Investment Partners, recently told CNBC that bitcoin can hit the $10,000 mark soon, but with a warning.

“Remember, bubbles happen around things that fundamentally change the way we live,” he said.

“The railroad bubble. Railroads really fundamentally changed the way we lived. The internet bubble changed the way we live. When I look forward five, 10 years, the possibilities really get your animal spirits going.”

Bitcoin is likely to become “the biggest bubble of our time,” he added.

In the same category are

‘Fake pics, limited use of force’: Spanish FM downplays police violence during Catalonia vote Published time: 22 Oct, 2017 09:28Edited time: 22 Oct, 2017 09:46 Spanish police used only “limited force” against Catalonians during the October 1 in...
N. Italy referenda: Richest regions of Veneto & Lombardy go to polls over autonomy Veneto and Lombardy, the two wealthiest regions of Italy, are voting today in a bid for greater autonomy from the center. While non-binding, the twin ...
NASA exploring whether a ‘magnetic tail’ is destroying Martian atmosphere Published time: 22 Oct, 2017 10:00Edited time: 22 Oct, 2017 10:10 Plasma explosions from the sun over billions of years have all but stripped Mars of ...
‘Leveled like Dresden’: Raqqa aid haste hints at cover up of ‘barbaric destruction’ – Moscow What the US-led coalition did to Syria’s Raqqa is comparable to the infamous Allied bombing of Dresden in 1945, the Russian Defense Ministry said, add...
Russia floats brand new hydrofoil passenger ship after two-decade pause Published time: 22 Oct, 2017 12:04Edited time: 22 Oct, 2017 12:05 A new hydrofoil ship meant to transport up to 120 passengers along sea coast routes ...
World Youth Festival in Sochi closes with vibrant show for globetrotting audience of 20,000 (VIDEO) Published time: 22 Oct, 2017 01:10Edited time: 22 Oct, 2017 01:33 The World Festival of Youth and Students, which attracted participants from all over...

Dont forget to “Like” us on Facebook


Need something to share, visit our sister site for the

‘News in the last 30 days”

in a clear concise package ….

 

If you are an artist or interested in art, visit our art website and read about todays artscene and browse some of our artist profiles

 

Comment on this story