ZB Academy：The market value of Bitcoin exceeds the total market value of the Korean won
So far, the market value of Bitcoin has exceeded the total market value of the Korean won. According to AssetDash data, the market value of Bitcoin is currently about $1.07 trillion and may soon surpass Google’s parent company Alphabet. It is reported that as of December 2020, the currency supply of the Korean won is approximately 1,179 trillion won, which is worth approximately $1.04 trillion. According to ZB.com’s official market data, Bitcoin is currently quoted at $57,439, a 24-hour increase of 3.76%, and the 24-hour price range is $54,283 to $58,099.
A recent survey conducted by the London-based cryptocurrency fund Nickel Digital Asset Management and Decrypt showed that 21% of investors in the survey indicated that Bitcoin will continue to grow substantially in 2021. And 56% of investors said that Bitcoin will only grow slightly. The test involves 50 wealth managers and 50 institutional investors participating in the survey.
On March 11, Prakash Chand, managing director of cryptocurrency investment fund FD7 Ventures, stated that the market value of Bitcoin will reach 10 trillion US dollars within a few years. Cardano (ADA), Polkadot (DOT) and Ethereum (ETH) will follow. Chand believes that more people will continue to add cryptocurrencies to their investment portfolios in the next two years, thereby increasing the market value of all cryptocurrencies. He believes that ADA, DOT and ETH will have difficulty beating Bitcoin in the market in the short term, but believes that they will be able to surpass the market value of Bitcoin in 5 to 7 years. FD7 recently announced that it will convert $750 million in funds from BTC to ADA and DOT, and later confirmed that it has converted $380 million in funds to ADA.
Also on the 11th, Russ Koesterich, portfolio manager of the Global Allocation Fund of BlackRock, the largest listed investment management group in the United States, said that gold has not yet proven its effectiveness as a viable inflation hedging tool. He believes that although this is a reasonable store of value from a very long-term perspective (centuries), from most investment perspectives, gold is not that reliable. Therefore, the ability of gold to hedge against inflation has been exaggerated. Previously, Rick Rieder, the chief investment officer of the group, expressed his opinion that with the development of digital currencies, Bitcoin may replace gold. He believes that cryptocurrency will be universally accepted, because cryptocurrency can stand the test of time, and central banks of various countries can already be seen talking about digital currency. And cryptocurrency, technology, and the acceptance of cryptocurrency, especially the acceptance of millennials, is real. Digital payment systems are also real, so Bitcoin will be widely accepted.
In addition, according to the “Hodlwaves” chart of Unchained Capital, from the perspective of the latest active time on the Bitcoin wallet in 2021, both long-term and short-term activities have increased. The chart shows that the number of bitcoins moves in the past 30 to 90 days has reached the highest level since 2018. These addresses account for more than 15% of the number of Bitcoin wallets and are currently the largest part of Bitcoin wallets. The number of bitcoin wallets that have been idle for three to five years currently ranks second, accounting for 13.5% of all addresses. In 2021, the number of such Bitcoin wallets is also steadily increasing. Analysts speculate that the data may represent a large number of people who bought Bitcoin in 2017 and held Bitcoin throughout the bear market trend.
On the afternoon of the 11th UTC time, Charlie Morris, Chief Investment Officer of ByteTree, said that Bitcoin’s recent performance proved its flexibility as an investment tool. While technology stocks and social media stocks are rising, Bitcoin is also rising. When investors in traditional markets suddenly lose interest in technology stocks, Bitcoin can barely maintain its rise. Morris said that Bitcoin has previously been shown to have a significant correlation with social media stocks. Therefore, it is reasonable to believe that with the recent fall in the stock market, Bitcoin may also be hit due to concerns that rising bond yields may affect returns or reduce the attractiveness of venture capital. However, investors turned to emphasize again the potential value of Bitcoin as an inflation hedging tool, so the price of Bitcoin continued to rise.
Grayscale’s founder and former CEO Barry Silbert also published a data on Twitter. The data shows that the market value of Bitcoin accounts for 9.8% of the gold circulation ($10.89 trillion). Previously, on December 16, 2020, the market value of Bitcoin only accounted for 3% of the gold circulation.
About ZB Group
ZB Group was founded in 2012 with the goal of providing leadership to the blockchain development space and today manages a network that includes digital assets exchanges, wallets, capital ventures, research institutes, and media. The Group’s flagship platform is ZB.com, the industry leading digital asset exchange. The platform launched in early 2013 and boasts one of the world’s largest trading communities.
ZB Group also includes ZBG the innovative crypto trading platform, and BW.com, the world’s first mining-pool based exchange. Other holdings include wallet leader BitBank.
Industry intelligence and standards are headed by the recently launched ZB Nexus who embody the core values of ZB Group and open-source their reports and analysis for the public.
Learn more about ZB Group by visiting www.zb.com
