Bitcoin move over - there's a new kid on the blockchain
Jun 7, 2017 under Business/Economy 516 , Australia 90 , Interesting 143
The digital currency bitcoin has broken new records - surging by more than 245 per cent since the start of the year.
Key points:
- Total cryptocurrency market is worth $US75b (or $101b)
- The top ten currencies (including bitcoin and ethereum) have a 94 per cent market share
- Government will make changes to GST so bitcoin transactions are not double taxed
In just five months, the price of one bitcoin rose from $1,337 (US$997.69) to its all-time-high of $3,704 (US$2,766.56) on May 25.
People buy bitcoins for all sorts of reasons. They range from those seeking to invest in safe haven assets in the face of political instability, speculators wanting to ride the wave of what some regard to be an asset bubble, to purchasers who want to purchase illegal goods anonymously on the dark web.
Since mid-2010, when the highly-volatile currency was worth just 9 cents, it has surged by more than 4 million per cent.
When you add the value of every bitcoin, its current market capitalisation is $49.6 billion - almost half of the value of all cryptocurrencies.
In Australian dollar terms, the total market capitalisation is more than $101 billion.
"The big two, bitcoin and ethereum, are heading the charge," Mr Sammartino told ABC's The World Today.
Tagged: Bitcoin 4, Digital Currency 2, Australia 109, Price 27, Finance 22
