Yes, you read it right. After more than a decade, Bitcoin has managed to position itself as the third largest currency in the world by market capitalization.
Bitcoin among the greats: Dollar and Euro
The crypto leader especially demonstrated its full potential in 2020, however, it has more than a decade working hard together with the crypto community to get noticed. Now it seems to have too much attention.
Recently Deutsche Bank Research, the financial research subsidiary of Deutsche Bank, issued a report dedicated exclusively to Bitcoin. The report was titled as «The future of payments: Series 2 Part III. Bitcoins: Can the Tinkerbell Effect Become a Self-Fulfilling Prophecy?».
The study has approximately 18 pages in which Deutsche Bank describes the basic characteristics of the crypto leader. But, in addition, it assesses the key drivers that have led Bitcoin to have a market capitalization above the trillion.
In this sense, the researchers establish that «In terms of total currency in circulation, Bitcoin is the third largest in the world, after the US dollar and the euro. This is mainly due to the large increase in the value of Bitcoin recently. In early 2019, Bitcoin accounted for only 3% of US dollars in circulation, but in February 2021 it surpassed 40% of US dollars in circulation».
However, it is worth remembering that comparing Bitcoin to fiat currencies is not very accurate since they are essentially two different things. Even so, Deutsche Bank compared the crypto market capitalization to the value of the total banknotes in circulation of the fiat currencies.
The investigation does not end there. It gets much more interesting after a very direct caption: “Bitcoin is here to stay and its value will remain volatile.”
Yes, Deutsche Bank acknowledges that crypto is here to stay, but governments are also beginning to notice. Consequently, the research estimates that the crypto market will begin to be regulated by the end of 2021.
Latin America will enjoy its first crypto ETF
QR Capital, the company behind a Bitcoin ETF dubbed QBTC11, reported earlier today that it has been approved by Brazilian regulators.
«The ETF of QR Asset Management, manager of QR Capital Group, will be listed in B3, which becomes the second exchange in the world to have a 100% Bitcoin crypto ETF », he pointed the notice.
Consequently, the crypto ETF was authorized by the Comissão de Valores Mobiliários (CVM, the Brazilian Securities and Exchange Commission) and the Brazilian Stock Exchange (B3).
Robinhood will offer a crypto wallet as quickly as possible
Vlad Tenev, CEO of Robinhood, assured yesterday on YouTube that the company is working hard to offer its clients a crypto wallet as quickly as possible.
«As much as people are bugging me about it on social media, I’m bugging our crypto team and our software engineers“Tenev said, adding:”We will try to do it as quickly as possible ».
Anand Giridharadas to auction a collection of unpublished materials in the form of NFT
For those who don’t know him, Anand Giridharadas is a former columnist for The New York Times and author of books such as India Calling, The True American, and Winners Take All. In this way, ad on Twitter that it will be auctioning off a never-before-seen collection of materials in the form of non-fungible crypto tokens (NFTs).
At the time of publication, the most expensive item in the Giridharadas literary drop is Unpublished cover concept for Winners Take All: What would have been the cover of his book The winners take everything that did not see the light of day. The highest bid is currently 3.5 ETH.
In a few lines …
- Korean media outlets are rumored that Morgan Stanley is negotiating the acquisition of a significant stake in Korea’s leading crypto exchange Bithumb.
- The Bank of Thailand plans to regulate crypto Stablecoins this year, according to Reuters.
- Changpeng Zhao comment on his Twitter that if we missed an opportunity to buy cheap Bitcoin we can still buy BNB.