In the past few decades, digital currencies have been providing investors with the best investment. To date, the most popular digital assets have been skyrocketing, which is utterly favorable for cryptocurrency investors and proponents. The total marketing cap for coins as of this writing is $50 billion dollars. Now that is something to be optimistic about.
Some of the most favorited digital currencies in 2017 include Bitcoin and Ethereum. Bitcoin’s market capital reaches to $25.6 billion. A single BTC is already worth $1530. Bitcoin experienced a 400% increase in market value this year.
Ethereum’s value, on the other hand, is now $95 from a very low value point at $8. This resulted to a 1000% increase in its market value. Reportedly, cryptocurrency demands are mostly high in the Asia, particularly in Japan. “The Japanese have recently warmed their approach towards bitcoin by treating it legally as a form of payment – a ratification and bringing into the regulatory fold,” said Charles Hayter, a Bitcoin proponent in an interview by Time Magazine.
Some of the current progress in cryptocurrency:
- As of May 2 this year, 50% of the total volume of Bitcoin trade was based on the Japanese Yen currency. Out of the four different digital currency platforms in the country, the total processing amounting to 73 million US dollars belonged to Bitcoin.
- Chamath Palihapitiya, a venture capitalist and owner of NBA team, the Golden State Warriors, tweeted about how much he benefits from Bitcoin: “Reiterating my belief about BTC. It’s the ultimate insurance policy against autocracy, currency curbs and other forms of value destruction.”
- Bitcoin Investment Trust (BIT) proposes to increase its trade trust to $1 billion. It is yet to be approved by the U.S. Securities Exchange Commission.
- The Mexican Finance Ministry’s Banking, Securities and Savings Unit executive, Jose Bernardo Gonzalez, announces that it is eyeing the possibility of regulating Bitcoin in Mexico. “What we are trying to regulate are the sellers and buyers of this type of assets [bitcoin] to third parties, but not the virtual asset itself,” says Gonzalez.
- Scott Morrison, the treasurer of the Australian government, has been working on abolishing the double taxation of bitcoin. This is part of the government’s initiative to amend its Australian goods and services tax (GST) law.
Bitcoin has been performing consistently in the digital currencies market these days. Although Bitcoin is more popular than Ethereum, the latter is still performing quite well in the cryptocurrency market.