BitcoinBTCAccording to River, an online financial services provider, Bitcoin now accounts for approximately 1.7% (or $17 billion) of all global currency. The figure is based on the aggregate M2 data, which includes money supply figures for fiat and minor currencies as well gold’s current market value.
“In 16 years, Bitcoin went up to 1.7% of global money,” River said. Bitcoins’ market capitalization was measured against $112.9 Trillion in fiat currencies, $25.1 Trillion of hard currency, excluding silver, platinum, or exotic metals, such as palladium.
Data assumes that Bitcoin’s market cap is $2.4 trillion. topped earlier in August. BTC has a current market capital of approximately 2,29 trillion dollars, which means that its share in global money is around 1,66% at this time.
Central banks continue to give a larger share of global currency pie to Bitcoin and Gold inflate their fiat currencies Through excessive printing of money, investors are forced to look at hard money as an alternative.
Related: Crypto sentiment returns to Greed as Bitcoin and Ether spike on Fed speech
US Federal Reserve chairman signals rate cuts to come and continued monetary inflation
Jerome Powell, chairman of the United States Federal Reserve. delivered The Jackson Hole Economic Symposium held in Wyoming, on Friday morning, featured a key note address that signaled impending interest rates cuts. continued monetary expansion. Powell:
“Our policy rate is now 100 basis points (BPS) closer to neutral than it was a year ago, and the stability of the unemployment rate and other labor market measures allows us to proceed carefully as we consider changes to our policy stance.”
Price of Bitcoin surged by over 2% In response to Powell’s speech, the price per BTC reached about $116,000 on Friday.
Bitcoin and other crypto assets tend to rise in price during times of financial expansion. This is because the prices of digital assets continue to correlate to global liquidity levels.
Investors now expect an interest rate decrease of 25 basis points by September. data Chicago Mercantile Exchange Group.
Magazine: Baby boomers worth $79T are finally getting on board with Bitcoin
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Source: cointelegraph.com
