BitcoinBTCAccording to River Financial Services, Bitcoin grew from a mere 0.7% to 1.7%. This figure includes the aggregated M2 data of all fiat currency, gold, and minor currencies.
“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, but not 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, meaning 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 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 chairman signals rate cuts to come and continued monetary inflation
Jerome Powell, chairman of the 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 stated:
“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 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
