Quote:
Originally Posted by aasim
The latest bid shows that Bitcoin has a total market of $ 32.92 billion.
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The market capitalization of bitcoin as of Jun 2, 2017 is US$42.2 billion. It reached $32.92 billion in mid May, so it has gone up $10 billion in a few weeks.
Sweden, one of the wealthiest countries in the world is issuing a new paper currency with a current market capitalization of US$4.4 billion. In the next few months it is expected that an additional fraction of a billion dollars in new currency will be produced. Sweden has a population of 10 million.
In fact the world currencies are roughly ranked US Dollar, EU euro, Japanese Yen, British pound, with statistics from China considered unsubstantiated. Bitcoin is rivaling currencies of mid level countries like Switzerland, Poland, Brazil, Mexico, etc. At this rate, the Market capitalization will surpass Canada's new polymer banknotes (US$57.3 billion as of end of 2016) before the end of the year.
Smaller northern European countries (Sweden, Denmark, Norway, Britain and Iceland) are all considering issuing a crypto currency tied to the national currency as a way to jumpstart their economies. The national crypto currencies will obviously not be as volatile as bitcoin.
Crypto currencies may permit the government to do some things that were unthinkable with paper currencies. One common suggestion is a minimum income just for being a citizen.