How Much Money Is There?
A recent survey by "howmuch.net" detailed the amount of money in the world today and then broke it down into where the money actually is. For example, the survey suggests there is $83.6 trillion in total with $66.8T on the stock markets. Physical cash is around $31T and gold at $8.2T.
Apple is worth $730Bn and Amazon $402Bn. Cryptocurrencies in total have just passed the $100Bn mark - a little over Bill Gates at $86Bn. The first alternative or digital currency Bitcoin comes in at $41Bn. Considering Bitcoin only debuted 8 years ago that's an impressive statistic BUT when we compare it to the figures it has a way to go!
Many of us think that cryptocurrency is a passing fad - we know how the Central Bank and financial regulator feels about it! But here are a few other stats you may not be familiar with:
18% of US students now own cryptocurrency [Coinbase]
42% of the top 50 universities offer at least one crypto-related class [Coinbase]
Lloyds of London has recently entered the market to provide cover against cryptocurrency theft
Northern Trust [managing funds of over $1Bn] is now working with 3 of the biggest hedge funds to enter this space
Coinbase [largest US Bitcoin exchange] launched new professional grade trading products for institutional investors in May
Intercontinental Exchange and the New York Stock Exchange are opening trading desks for cryptocurrency
Goldman Sachs is opening a Bitcoin trading desk and JP Morgan is said to be "looking into the space"
If the Securities and Exchange Commission green-light the new Bitcoin Exchange Traded Fund next month the floodgates will literally open and tens of billions of US dollars will come pouring into the space.
Cryptocurrency is definitely not a fad; it is here to stay and it is becoming mainstream. The Bitcoin inventors imagined a decentralised world where control would pass to the people. This is happening.
What are your thoughts?