Over the past few days, we have seen a dramatic rise in the price of Bitcoin (BTC). While some are celebrating the explosion of the symbolic $ 25,000 plinth as an important step on the path to the symbolic $ 100,000, others are celebrating the accomplishment of two far more significant milestones.
Bitcoin overtakes Visa!
I will surely not teach anyone if I say that Visa is the biggest company when it comes to payments. It is also customary to compare the number of transactions per second of a blockchain with the Visa network to get an idea of its capabilities. While we are still a long way off for transactions, we have achieved an equally impressive goal. With a unit price of $ 26,629 at the time of writing this article, the capitalization of Bitcoin is $ 494.83 billion, against 487.19 for the Visa company. So if Bitcoin were a business, we would all have shares of the 13th largest company in the world ! But this impressive increase in its capitalization, also allows Bitcoin to win another title …
Bitcoin enters the top 5 world currencies
We had spoken several times about the rise of bitcoin in the rankings of world currencies, but this is it we did! Bitcoin has surpassed the Indian rupee and its $ 425 billion in circulation. Why is the Indian rupee important? Quite simply, because it is the 5th, finally the 5th largest currency in the world ! We are finally in the top group, but don’t expect Bitcoin to hit the top right away. 4th place. This one, held by the Japanese Yen, represents approximately 1000 billion dollars, that is to say a Bitcoin at $ 53,814 !
These goals represent a very big step in the history of Bitcoin. The deal is to prove that it is not just a simple speculative asset with no underlying, it ensures its sustainability as a safe haven. Admittedly its price will perhaps be brought to fall, but Bitcoin will have shown both to banks and to governments, that a decentralized currency held by individuals of all nationalities can impose itself as well in the hearts of people, as in their wallet.
If the more maximalists of you can rejoice, keep your feet on the ground as to the near future reversal of the dollar by Mr Nakamoto’s baby. With almost $ 1.95 trillion, or $ 1950 billion, we should hit Bitcoin at $ 104,938 first. Obviously this figure is only pure theory, because unlike Bitcoin, the dollar has no limit in its impressions, isn’t that its main weakness? The future will tell and who knows, maybe in a few years, in the history books, we will talk about the dollar as just a top 5 currency, dethroned by the decentralized leader that we all love.
Engineering student in IOT, Translator, Community and Bounty Manager, I have been sailing the turbulent oceans of Blockchain since 2017.
Aware that the Blockchain will change our future, I too am participating in the revolution. Find me on Bitcointalk, LinkedIn and Twitter to discuss or suggest articles.