Bitcoin market cap approaches gold ETF value

It appears bitcoin and Mark Twain have something in common. Reports of their deaths have been greatly exaggerated. Certainly bitcoin has had more obits than the one Twain was referencing.

While Russia and China have come out with restrictions on new digital currencies being created, bitcoin has seen 10% to 15% pullbacks, only to come back and move higher after the smoke clears.

Wednesday morning pricing is difficult to get as CoinDesk’s site has not updated its site in a few hours with the price static at $4,519. World coin index has it at $4,562 up 3.7% for the day.

There’s an interesting stat I came across this morning. The value of all bitcoins is fast approaching the value of gold ETFs. Bitcoin with a market cap of $78 billion will soon exceed the $90 billion in gold held in the ETF.

When you figure in the value of all cryptocurrencies, the market cap is $155 billion, topping the value of the precious metal fund’s holdings.

 

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