Your favorite crypto news blog

Bitcoin Is The Biggest Unicorn Of The Decade; Outshines Uber And Airbnb – Former Coinbase CTO

Bitcoin 2019/12/05 09:45 by Brenda Ngari
As Bitcoin Strives To Reclaim $10,000, Here Are Four Possible Scenarios For BTC In The Long-Term

Since topping above $10k in late-October, bitcoin has dropped by roughly 25% to the current level at $7,475. Nonetheless, one angel investor believes it is the biggest unicorn of the decade.

Unicorns, startups that have exceeded a market valuation of 1 billion, are unique just like their mythical namesake. Thus, bitcoin having a bigger market cap than some popular companies -some even older than bitcoin – is no small feat. In fact, it’s a decent yardstick of the cryptocurrency’s overall success.

Bitcoin: The ‘Biggest Unicorn Of The 2010s’

Balaji S. Srinivasan, Co-founder of Earn Counsyl, Coin Centre and former Coinbase CTO, said bitcoin is the biggest unicorn of the decade, not your average Silicon Valley startups like Uber, Snapchat and Airbnb.

Srinivasan has a valid point. Uber presently has a market cap of around $49 billion; Airbnb’s market cap stands at roughly $35 billion and $23 billion for Snapchat. Evidently, these high-profile companies pale in comparison to bitcoin’s $135 billion market cap, even combined.

Over the past decade, bitcoin has become a household name. What was once a fun technology for geeks and cryptographers has now become a globally-recognized financial instrument that threatens the hegemony of gold as a store of value.

Nations around the world are formulating regulations to govern the cryptocurrency ecosystem. This simply means they acknowledge that bitcoin is only getting started and it’s here to stay. Some governments are even planning to provide safe custody for bitcoin; Germany, for instance. The EU nation recently passed new legislation that will allow banks in Germany to hold and sell cryptocurrencies from 2020.

Bitcoin Network Grows Stronger By The Day

With cutting-edge technology like bitcoin, it’s difficult to predict with accuracy where it will be in another decade. But, its underlying fundamentals give a clearer picture.

Bitcoin’s hash rate is a vital indicator that tells us about the network’s security. The hash rate has been on an upward trend since its infancy. From 0.000 terahashes per second in January 2010, the hash rate has soared to 101,894,683 terahashes/second as of December 2nd, 2019, according to data from Blockchain.com.

Moreover, the daily transactions on the bitcoin network expressed in terms of the US dollar rose from $0 in January 2010 to around $1,102,189,170 in December 2019.

Many believe such fundamentals will bode well for bitcoin’s price in the long-term. Case in point, Blockchain Capital partner Spencer Bogart. In an interview with Bloomberg, Bogart shared his optimism about bitcoin’s future.

He opined:

“I think the question people need to be asking is, is bitcoin going to be more successful in the next five years than today? I think if we look at all the underlying trends here, they are all very constructive. Bitcoin’s gone from being a joke just a few years ago to processing $1 to $3 billion worth of transactions daily.”

The post Bitcoin Is The Biggest Unicorn Of The Decade; Outshines Uber And Airbnb – Former Coinbase CTO appeared first on ZyCrypto.

0 Like(s)

You should also read...

Mining 21/11/19 08:42 by Lorenzo Stroe
Bitcoin Mining Capitulation Could Drop The Digital Asset’s Price Below $5,000
The term miner capitulation has been repeated over and over again for the past few weeks. According to Cole Garner, cryptocurrency analyst, miner capitulation happens when ‘Small miners get backed i...
Read More
Bitcoin 04/12/19 13:00 by Nick Chong
Bitcoin, the “Biggest Unicorn of the 2010s”: Market Cap Higher Than Uber & Airbnb Combined
If you’ve perused Bitcoin and Silicon Valley Twitter at all over the past few years, you’ve likely heard the word “unicorn” thrown about. Heck, if you’ve read Bloomberg o...
Read More
Bitcoin 02/03/20 21:33 by Lorenzo Stroe
BTC Ready to Take Off? These Bullish Fundamentals Are Driving Bitcoin’s Price Higher
Bitcoin’s hash rate has seen a very significant increase recently although the digital asset crashed down to $8,409 from the high of $10,500 just a few weeks ago. The increase of Bitcoin’s hash r...
Read More
Bitcoin 06/10/20 08:28 by Nick James
Why This Tesla Investor Sees Bitcoin’s Market Cap Growing Past $1 Trillion Within 5 Years
A decade after Bitcoin came into being, the top coin is still performing relatively well and has been accelerating in popularity. Many people expect Bitcoin to soon achieve true mass adoption. Even i...
Read More
Bitcoin 08/12/20 13:04 by Brenda Ngari
MicroStrategy Targets $400 Million In Capital Raise, Intends To Use Proceeds To Buy More Bitcoin
Business intelligence firm MicroStrategy is looking to boost its war chest with a capital raise. The company revealed on Monday that it is planning to sell $400 million in convertible senior notes ...
Read More