Cryptocurrencies have been getting a lot of attention over the past several months. What sparked as an initial interest has now turned into a source of income for many! The market value for bitcoin has seen astronomical ups and disappointing lows in 2021 indicating one crucial fact – that it is a very volatile cryptocurrency. While some have cashed in on the volatility and made profits, others have experienced huge losses.
While bitcoin has only grown over the past several years it has been in existence, it still remains as a very volatile class for several investors. And the whole concept of cryptocurrency is often seemingly wrapped in mystery because of the complexities behind its working. Add to the fact that it is not regulated by governmental institutions – and there are even fewer takers.
Don’t worry! This article isn’t meant to be a guide on how cryptocurrencies work overall. In fact, we are going to give you some interesting facts that you must know about.
Cryptocurrencies are roughly valued at $1.4 trillion
The current total market capitalization (which, roughly explained, is the total value of all the shares of stock – in this case the value of all the cryptocurrencies) of all cryptocurrencies reached a jaw-dropping $2.3 trillion mark in the first week of May. This is double to what the market cap was in February of this year. Now you know exactly why and how so many people are taking a keen interest in this asset class.
Bitcoin, which is the most valued cryptocurrency in the world, stands at a market cap of $715.46 billion.
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100+ million people have crypto
The number of global crypto users reached a staggering 106 million in January. This is a sharp increase of 15.7% since the last month of 2020. Moreover, with the meteoric rise in value of bitcoin and Ethereum, two of the most popular cryptocurrencies in the word, even boomers and Gen Xers are taking a huge undying interest in the currencies!
Facebook, Tesla, Mastercard, and Visa are buying crypto
It should come as no surprise that tech masters like Facebook and Tesla are also investing in bitcoin. Tesla invested about $1.5 billion in bitcoin in 2021. This might actually come as a surprise but Facebook will launch its own cryptocurrency this year!
MicroStrategy, a business intelligence company has invested about $15 million in 2021. They have additionally bought 253 bitcoins and plan to keep buying periodically. They are considered one of the biggest institutional investors in the famous cryptocurrency.
Companies like Mastercard, Visa, and PayPal have also shown a keen interest in this space. Some of them are even allowing users to trade some cryptocurrencies.
There are 400% more bitcoin millionaires
Ever since the year 2021 started, there has been a continuous increase in the number of bitcoin millionaires. Now, there are more than 100,000 bitcoin wallets that have over $1 million valued in the cryptocurrency. A huge 400% jump from the previous months!
You might think that against the 46.8 million millionaires in the world, this figure is a minuscule one. But you mustn’t forget that bitcoin is slightly over ten years old. Give the market the credit that it has only increased in value over the past several years!
We only have 21 million bitcoins in total
That’s right. This most-valued cryptocurrency has a limited supply of 21 million, out of which there are already 18.638 million in circulation. Now, we are only left with a total of 2.362 million more bitcoins that can be mined and introduced in the market.
The process of mining (or adding more bitcoins in circulation) bitcoin is complex – hence miners get a fixed number as a reward upon its successful mining. However, this reward halves every four years. For instance, after its launch, miners used to get 50 bitcoins, which halved to 25 in 2012, 12.5 in 2016, and 6.25 in 2021.
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