Recently headlined on various global mainstream media, Bitcoin had climbed into a high value at nearly US$7,600, which also drew the attention of International Monetary Institution, IMF.
Not everyone appreciated the rationality of what made Bitcoin booming exponentially, nonetheless, the market approved its recognition. Bitcoin, featured with decentralisation and the attached value in the blockchain applications, has earned more and more supporters since its inception.
Despite different attitudes toward Bitcoin and its applications, and strict restrictions of the cryptocurrency trading in some countries, Bitcoin’s technical infrastructure and application frame (particularly in blockchain applications) have been recognised across a wide range of industries and global organisations. Government institutions as well as global corporate giants started to invest huge resources into the research of the blockchain technology.
Dubai has recently established the first government-backed cryptocurrency in the world. JP-Morgan, Microsoft, Intel and other thirtyish global organizations initiated a new blockchain alliance.
The world top three credit card issuers (VISA, Master, American Express) have joined the Hyperledger project. Goldman Sachs considers introducing Bitcoin and other cryptocurrencies into Wall Street. If so, Goldman Sachs will be the first global investment bank operating the cryptocurrency transactions in Wall Street.
In addition to the bitcoin transactions, words run around the market that Goldman Sachs is also interested in launching a cryptocurrency exchange and has taken some market researches on some existing cryptocurrency exchanges in the US, Japan, Australia and the UK, such as Coinbase, BitFlyer, Bitfinex, Poloniex, potential consideration of acquisitions or investments in some emerging exchanges, like XBrick or Binance. However, Goldman Sachs has not confirmed any of these actions.
The total market value of cryptocurrencies is estimated nearly US$120 billion, of which there are 9 cryptocurrencies with a market value of over US$1 billion respectively, according to the Goldman Sachs statistics.
Bitcoin has the market capitalization of US$55.5 billion, accounting for nearly 50% of the total cryptocurrency market value, which positions itself #1 cryptocurrency with no doubt. To date, no mainstream commercial bank has announced to join the cryptocurrency market, neither top tier organisations have engaged in setting up cryptocurrency exchanges.
The violent volatility of Bitcoin prices builds up the dreams of becoming rich instantly and quick returns on investments, which may perfectly match what the Wall Street investors are looking for. On the other hand, this is exactly the issue that the regulators will focus on. Efficient supervision and disciplines are needed to guide this valuable market to sustainability.
Company Name: Global News Online
Contact Person: Media Relations
Country: United States