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Bitcoin latest: Now cryptocurrency is bigger than NEW ZEALAND’S economy | City & Business | Finance

Market capitalisation refers to the total dollar market value of a company’s shares, held by shareholders, share blocks held by institutional investors and restricted shares owned by the company’s officers and insiders. 

With the debate raging over whether or not bitcoin is a bubble, the cryptocurrency climbed above $11,000 on Monday, despite by falling by 20 per cent last week. 

Bitcoin has increased by a staggering 1,000 per cent this year alone.

Coinmarketcap.com has put the total value of bitcoin in circulation at $190billion.

Here are five market capitalisations that bitcoin has surpassed. 

New Zealand’s GDP is valued at $185billion as of July, according to World Bank data, placing its worth $5billion less than bitcoin.

Both Goldman Sachs Group’s and UBS’s market capitalisation are less than bitcoin’s – with the former’s at $97billion while the latter’s is at $67billion. 

Both banks have come out publicly against the cryptocurrency. 

Even when you add the market capitalisation of both banks together it still does not breach bitcoin’s.

And the market capitalisation of Boeing, the maker of jumbo jets, comes in at $162billion.

Bitcoin only came in to existence 10 years ago and has already trumped companies and banks that have been around since 1869, such as Goldman Sachs. 

Boeing is more than 100 years old, employs 140,000 people in more than 65 countries. 

In May, the USS Gerald R Ford, the first of a new class of nuclear-powered super carriers was delivered to the US. 

It is estimated at $13billion, so if all bitcoin investors put their bitcoin together they would be able to buy 14 of the ships.

Even billionaires such as Bill Gates and Warren Buffet cannot compete with bitcoin after they combine their fortunes. Mr Gates is worth $90billion and Mr Buffet is worth $83billion.


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