Cryptocurrency market tops $1 trillion as Bitcoin hits $40,000 for first time
Bitcoin surpasses the $40,000 mark, pushing Cryptocurrency past $1 trillion.
Bitcoin continuously shocked traders and financial analysts as it’s risen further and further in value. Many within the cryptocurrency community are reaping the rewards, while those that passed on Bitcoin several years ago are kicking themselves. Now, with Bitcoin surging once again, the digital currency has crossed $40,000 in value. This means that cryptocurrency altogether is now valued at over $1 trillion.
CNBC reported on Bitcoin (BTC) zooming past the $40,000 mark earlier today. Bitcoin has come a long way from being worth less than a dollar, and it could potentially grow much more. When speaking to CNBC, Social Capital’s Chamath Palihapitiya said that Bitcoin’s value is “probably going to $100,000, then $150,000, then $200,000,” within the next several years.
While this news is huge for Bitcoin and its owners, it also has a profound impact on the vast world of cryptocurrency as a whole. Bitcoin’s surge in value has pushed cryptocurrency over $1 trillion. There’s a wide variety of cryptocurrencies out there, but Bitcoin is leading the charge with its market value north of $700 billion.
There are a couple of key factors to look at as causes of Bitcoin’s continued success, which Palihapitiya spoke to during the interview. “The reason is because, every time you see all of this stuff happening, it reminds you that our leaders are not as trustworthy and reliable as they used to be,” he said. “So, just in case, we really do need to have some insurance we can keep under our pillow that gives us some access to an uncorrelated hedge.”
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replyDonovan Erskine posted a new article, Cryptocurrency market tops $1 trillion as Bitcoin hits $40,000 for first time
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should bode well for gpu supply
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In my head this is bitcoin, tell me if I'm wrong:
Some guy or girl made up some math equation where bitcoins are hidden numbers right? Then everyone "crunches" their Pc trying to find these number nuggets and then those nuggets are apparently now worth 40 grand each.
Is that far off base?-
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You're at a grocery store. The cashier scans your groceries and says "that'll be $22,50."
You pull $25 from your wallet, hold them in the air, and announce to the room, "I want to give $22,50 to the cashier, and I'll pay $2,50 for that privilege."
The twenty or so other people in the room immediately pull out books of sudoku puzzles and start grinding away at them. They're all in competition as to who finishes first. Eventually one of them yells "done!" and proudly shows the finished puzzle book to everyone else. He waltzes over, takes the cash from your hand and hands it to the cashier while keeping the $2,50 you promised for himself.
That's Bitcoin. Occasionally the sudoku puzzle winner finds a $100 bill in the back of his sudoku book, but that's rare.
Also, sometimes there are other shoppers in the store offering bigger rewards for the winning sudoku puzzler, enticing them to work on his transfer instead of yours.
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