Your favorite crypto news blog

Bitcoin, the “Biggest Unicorn of the 2010s”: Market Cap Higher Than Uber & Airbnb Combined

Bitcoin 2019/12/04 13:00 by Nick Chong

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 or watched any number of CNBC’s segments over the past decade, you’ve heard the word.

Related Reading: Under 6.8m Bitcoin Changed Hands in the Past Year: Does it Indicate Positive Sentiment?

No, it’s not a reference to the mythical creature with one long horn, but is rather a word used to describe the fleeting number of startups that have surmounted a $1 billion U.S. valuation.

If you were to search up the term in the context of Silicon Valley and global technology, you’d likely come up with the usual suspects: Uber, Airbnb, Robinhood, and the works. Though, maybe the top unicorn is Bitcoin.

That’s what a prominent cryptocurrency entrepreneur and Silicon Valley mainstay recently proposed anyway.

Bitcoin, the Biggest Unicorn, Possibly Ever

Balaji Srinivasan, the co-founder of Earn, Teleport, CoinCenter, and other startups and the former CTO of Coinbase, recently wrote that he thinks Bitcoin was the biggest unicorn was Bitcoin, not Snapchat, or Uber, or Airbnb, etc.

Srinivasan isn’t kidding when he says that Bitcoin is literally the biggest (and arguably best) unicorn of the 2010s. Uber has a market capitalization of $50 billion, Google says, and Airbnb has a pre-public valuation market capitalization of closer to $35 billion, making them both smaller than Bitcoin’s $130 billion market cap, even in aggregate.

Also, BTC has performed extremely well — astronomically well, actually — since its launch. Per previous reports from NewsBTC, Saifedean Ammous, an economics professor and the author of industry primer “The Bitcoin Standard,” recently noted that on October 11th, 2009, someone purchased 5,050 Bitcoin for $5.02 in the “first market transaction for BTC”. Today, that same sum of coins is worth some $42 million.

As the professor noted, this implies that from its first sale, Bitcoin has rallied some 838,078,685% until now.

Related Reading: Bitcoin, the Best Performing Asset Ever, is “Still Very Cheap”: Prominent Investor

Strong Fundamentals

The network’s fundamentals metrics are impressive as well. For instance, the blockchain continues to process more value each and every year than PayPal, the eBay-affiliated payments processing and fintech giant that is currently valued at $123 billion. Also, the cryptocurrency hasn’t been compromised, in that Bitcoin’s underlying characteristics of offering fast, global, censorship-resistant, relatively cheap, non-sovereign, and unintermediated transactions have remained intact for the asset’s entire history.

Many believe that the cryptocurrency’s fundamentals will be strong heading into the future. Blockchain Capital’s Spencer Bogart, for instance, recently noted that Bitcoin and cryptocurrency on-ramps like Coinbase and Kraken have seen growth over the past year, which should translate to a positive long-term trend for the industry.

Related Reading: Strong NYSE Composite, Dow Jones May Give Bitcoin a Boost Into 2020
Featured Image from Shutterstock

The post Bitcoin, the “Biggest Unicorn of the 2010s”: Market Cap Higher Than Uber & Airbnb Combined appeared first on NewsBTC.

0 Like(s)

You should also read...

Bitcoin 05/12/19 09:45 by Brenda Ngari
Bitcoin Is The Biggest Unicorn Of The Decade; Outshines Uber And Airbnb – Former Coinbase CTO
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. Unico...
Read More
Bitcoin 08/12/19 10:07 by Nick Chong
15% Jump to $8,500 on the Table for Bitcoin Price; Analyst Explains Why
Since Bitcoin (BTC) tapped $6,500 in late-November, analysts have been wondering if the bottom is really in. You see, the leading cryptocurrency bounced by 20% from $6,500, hitting $7,850 just a week ...
Read More
Mining 27/04/20 03:00 by Cole Petersen
Traders Expect Bitcoin to “Nuke” Lower as Indicators Point to Imminent Volatility
Bitcoin saw some notable volatility earlier today that led the cryptocurrency to rally up towards $7,700 before facing yet another dire rejection at this level. This has placed BTC firmly back into a ...
Read More
Bitcoin 17/06/20 01:00 by Cole Petersen
These On-Chain Indicators are Flashing Warning Signs for Bitcoin’s Strength
Bitcoin’s on-chain indicators are flashing some signs of weakness despite the cryptocurrency’s sharp rebound from its recent lows. BTC has been subjected to some heavy volatility over the past sev...
Read More
Bitcoin 26/10/20 14:38 by Yashu Gola
A $13,500 Bitcoin Looks Inevitable as Price Fixes “Overbought” Worries
A combination of supportive fundamental and technical catalysts are pointing towards an extended Bitcoin bull run. The BTC/USD exchange rate kicked off the new week in positive territory on signs of i...
Read More