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 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, with silver, platinum and exotic metals, such as palladium, excluded.
This data is based on the assumption that Bitcoin’s current market capitalization is $2.4 billion. 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.
As central banks across the globe continue to increase their money allocation, Bitcoin and gold are claiming a bigger share. inflate their fiat currencies By printing too much money, you can destroy your purchasing power. This will drive investors towards hard-money alternatives.
Related: Crypto sentiment returns to Greed as Bitcoin and Ether spike on Fed speech
US Federal Reserve Chair signals upcoming rate reductions and continued monetary growth
Jerome Powell is the chairman of United States Federal Reserve. delivered A keynote speech at the Jackson Hole Economic Symposium, Wyoming this Friday signals impending rate 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.”
Prices of Bitcoin surged by over 2% In response to Powell’s speech, the price per BTC reached about $116,000 on Friday.
Bitcoins and other digital currencies tend to increase in value during times of economic expansion as their prices continue to correlate with the monetary growth. global liquidity levels.
Investors now expect an interest rate decrease of 25 basis points by September. data The Chicago Mercantile Exchange Group (CME Group) is the market leader in this area.
Magazine: Baby boomers worth $79T are finally getting on board with Bitcoin
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Source: cointelegraph.com
