With the explosive action in bitcoin price overnight, its market cap has surged to around $95 billion USD. It’s now worth more than legacy credit card company American Express.
Amex’s market cap sits at around $80 billion, and the brand is one of the “big three” along with MasterCard and Visa.
This is not to be confused with transaction volume (in this respect bitcoin still falls way behind Amex), however it shows just how far it and other cryptocurrencies have come.
American Express Has Never Criticized Bitcoin
Despite the looming threat posed by Bitcoin, unlike Visa and MasterCard, American Express has never been overly critical of the cryptocurrency in its public statements. In 2014, CEO Ken Chenault noted that the Bitcoin would become a competitor to his product, commenting “The protocol of Bitcoin is going to be important”.
Not long after these statements, the American Express company invested in Bitcoin startup Abra.
The overnight BTC price action started when it blew past the previous high of $4,970, set at the start of September. From there it quickly breached $5,000 and just a few hours later shot up to the current high of $5,920 on Bitfinex.
If the rise continues, the current daily, weekly and monthly candles could become bitcoin’s biggest ever. Some traders had been anticipating this occurring:
— Squeeze (@cryptoSqueeze) October 2, 2017
Bitcoin = All the Cash in Britain
Here’s one other interesting trivia point: the total value of physical cash (“narrow money” or M1) in the United Kingdom is $95.88 billion. So the world’s total BTC value is roughly equal to all the notes and coins in Britain.
The U.K., with a sophisticated digital payments infrastructure, ranks 37th in the world in that department.
While this is sure to warm the hearts of most Bitcoiners, for a record number of short sellers (over 30,ooo on Bitfinex), the increase was painful, leading to a sharp decrease in the amount of contracts held.
These statistics demonstrate the relentless rise of bitcoin so far in 2017, and ensures that the ongoing wave of publicity, praise and hate will continue for the foreseeable future.
Where does it all go from here? Please share your thoughts in the comments.
Images via CIA World Factbook, Bitfinex, Pixabay