Bitcoin market capitalization reached $ 300 billion, surpassing the $ 29.1 billion in IMF special drawing rights (also known as "paper gold") reserves lump sum.
The total market capitalization of bitcoin exceeds the total SDR reserve of the International Monetary Fund
Bitcoin prices have risen significantly in 2017, surpassing all the world's legal tender, stocks, and commodities. The current single bitcoin is worth more than $ 18,000 and has a market capitalization of up to $ 300 billion, surpassing the total reserve of the 291 billion International Monetary Fund SDR (also known as "paper gold"). The earliest SDRs were issued in 1969, using the Bretton Woods system and were allocated by the IMF on the basis of contributions subscribed by the Member States, which could be used to repay the IMF's debts and to offset the balance of payments deficit among Member State governments A book of assets. Its value is currently determined by a basket of reserve currencies consisting of the United States dollar, euro, yuan, yen, and pound sterling. In the event of a balance of payments deficit, Member States may use it to exchange foreign exchange with the other IMF-designated Member States in order to meet their balance of payments deficits or to repay the IMF loans and also act as international reserves in the same way as gold and freely convertible currencies. Each time One SDR equals 0.8 grams of gold.
Due to the declining economy in the United States and the departure of all currencies from the U.S. dollar, this year's special drawing rights have become more competitive
Since its launch, the International Monetary Fund's special drawing rights have been the subject of considerable controversy. Basically, this "basket of currencies" is allocated by the IMF to all countries and any member country participating in the market must have a special reserve for SDR. Many skeptics think the move by the International Monetary Fund is to create a "global currency of the world" in order to continue to maintain a central bank-centric monetary system. But this year is an interesting year for SDR because the International Monetary Fund disclosed this summer that the United States is no longer the largest economic power in the world and countries like Germany, China and Russia have started to formulate their own currencies Policy.
Bitcoin black swan event and the next wealth transfer:-
But now, people around the world are watching the flash of lightning in another currency, bitcoin, and the "Black Swan Economy," which is not issued by any single country or company and is not subject to censorship. In fact, this decentralized digital currency came from an anonymous creator, a piece of software that consists of numbers and code new to millions. Bitcoin has become "the currency of the people" of the Internet age, a technology that is transferring vast amounts of wealth into the hands of individuals in an unprecedented way. Even Christine Lagarde, president of the International Monetary Fund, believes that Bitcoin will "cause massive damage" to the existing financial system.
In 2017, the market value of bitcoin is surpassing one mile after another
In fact, since 2015, the price of bitcoin has been growing and is also the best performing currency in the world in 2015 and 2016. By the beginning of 2017, bitcoin cost more than $ 1,000 and then increased at an alarming rate every month. Bitcoin in March surpassed one ounce of spot gold, which is also an important milestone in bitcoin's history. However, compared with 9 trillion global gold market capitalization, the market capitalization of bitcoin is still relatively small. Despite this, the market capitalization of bitcoin exceeds that of many corporate entities and stocks. For example, the market capitalization of bitcoin is much larger than that of PayPal, IBM, Disney, General Electric, McDonald's and even larger than the global art market.
On the other hand, bitcoin has also created more than 1,000 "clones" to create wealth for people. If the digital assets and bitcoin market value together, it is estimated that the total value has exceeded 500 billion US dollars. Bitcoin is a currency that is not issued by any country or by the International Monetary Fund and has gradually gained more and more competitiveness. In 2017, the market capitalization of Bitcoin surpassed the IMF's SDR reserve, which is another historic milestone.