Given the bullish crypto market as of late, many industry gurus were predicting trillions of dollars flowing into Bitcoin on the tails of the second ever Bitcoin ETF announcement on October 22, 2021. Many big-time investors, such as Chamath Palihapitiya, anticipated this investment boost to solidify Bitcoin as a replacement for gold on the path of making it the primary asset index for the Western world. And they weren’t far off.
As Bitcoin and other cryptocurrency prices have skyrocketed over the last month, the combined crypto economy has managed to surpass $3 trillion USD as of November 8, 2021. The 10,464 coins in existence, worth over $3 trillion, have produced $206 billion in global trade volume in the 24 hours between November 7 and 8. The overall value of these crypto-assets currently in existence is larger than Microsoft’s market valuation, at $2.52 trillion, and Apple’s $2.47 trillion market cap.
With less than 13 years years needed for the crypto market to surpass the $3 trillion value mark, the speed of its growth has been remarkable. Just to put this in perspective: the crypto economy’s valuation grew 169.23% faster than Microsoft’s current market cap, with the majority of the world’s top asset valuations taking decades to reach their current state. It took Microsoft, the company with the most valuable market capitalization, a total of 33 years from its initial public offering (IPO) to reach its first trillion-dollar valuation in 2019, with the COVID-19 pandemic pushing the company past the next trillion and leading up to today’s $2.52 trillion valuation.
The fact that the crypto economy grew 215% faster than even Apple’s valuation growth doubles down on this sentiment. The crypto economy is also bigger than Google’s 2 trillion dollar worth and big oil’s Saudi Aramco and its $1.99 trillion valuation, which has been about 85 years in the making and approximately 553.84% slower than the growth of the crypto economy. Meanwhile Google, an industry benchmark for growth, is 23 years old and has hit the $2 trillion mark faster than both Apple and Microsoft.
And $3 trillion in 13 years hardly scratches the surface of the crypto economy’s full potential in the coming months and years. When considering that, growth wise, only the internet itself has grown at a comparable speed and size, it is clear that cryptocurrency and blockchain markets have the capacity to evolve into economic superpowers.
As Bitcoin and the crypto economy in general are expected to continue growing and hitting all-time highs, there has never been a more lucrative opportunity to kickstart your mining operations. Given that the price of crypto mining resources has been known to correlate with the price of crypto currencies itself, equipment prices are further predicted to rise, highlighting this unique opportunity to acquire mining hardware before the price jumps. The time to mine Bitcoin is now, while it’s available at a discounted price through mining in comparison to buying it directly on the market. Get in touch with the Wattum team and get your mining operations started today.