Bitcoin will soon surpass the daily trading volume of Apple, the US$784 billion technology giant, Jens Nordvig, founder and CEO of Exante Data, told CNBC earlier this week.
Apple, the most liquid stock in the world, has a daily trading volume of US$4 billion. While the daily trading volume of bitcoin is just under US$1 billion at the time of reporting, previously, before its major price correction caused by the Chinese government’s imposition of a nationwide ban on local bitcoin exchanges, the daily trading volume of bitcoin remained relatively stable at over US$2 billion.
But as the price of bitcoin dropped from over US$5,000 to US$3,700 due to uncertainty over Chinese bitcoin exchange markets, the daily trading volume of bitcoin also fell by nearly 50 percent. In the upcoming months, as the global bitcoin market recovers from the exit of Chinese bitcoin exchanges, the price and daily trading volume of bitcoin will likely surge at a rapid pace.
As Charlie Shrem noted, the relevance of the Chinese market has decreased significantly and the vast majority of bitcoin traders have begun to realize that the Chinese bitcoin exchange market only accounted for 10 to 13 percent of global bitcoin trades prior to the nationwide bitcoin exchange ban. Shrem stated:
“This China FUD is playing on all your fear, uncertainty and doubt. China has no real effect on the future of bitcoin. Bitcoin is about censorship free and an alternative non govt controlled financial system. China’s relevancy is diminishing by the day. They overplayed their hand and there is a reason they are being ambiguous. The only power they have over bitcoin is the power you give them. Bitcoin puts a financial system back in our control.”
In an interview with CNBC, Jens Nordvig explained that various indicators demonstrate that the current US$3 billion daily trading volume of the cryptocurrency markets will increase exponentially over time, and that it will soon surpass the trading volume of Apple. If the global bitcoin market continues to recover from the Chinese bitcoin exchange controversy at the current pace, the trading volume of all cryptocurrencies including bitcoin will actually surpass that of Apple.
“Cryptocurrency trading volume is now more than of $3 billion per day on average, and will likely soon surpass that of the world’s most liquid stock: Apple ($4 billion per day). We do not believe that one can predict with confidence at this point that any given cryptocurrency will continue to thrive and gain status as an alternative to traditional currencies in the long term. But we look forward to using the information from an increasingly active cryptocurrency market in our tracking of global capital flows, when appropriate,” said Nordvig.
Already, the demand for bitcoin as a safe haven asset, store of value, and long-term investment is growing at an exponential rate in countries including Japan, the US and South Korea. More importantly, large-scale institutional and retail traders are focusing on investing in bitcoin through regulated channels. As regulated exchanges such as Gemini and major financial institutions like the Chicago Board Options Exchange successfully introduce trading platforms for institutional investors, the daily trading volume of bitcoin will further increase.
Image License: Pixabay
Bitcoin price dropped over Chinese market uncertainty?
How about the negative comments made by the master of the “pump ‘n’ dump” scams himself, Jamie Dimond?
Morgan Scamley CEO opened his big mouth saying BTC will drop ……..and it did.
Jamie Dimond says BTC is a scam so the price dropped so as usual, JPM/Chase buys at a $1,000 discount. BTW, there has been no mention of market manipulation by any government control agency.
Buy your bitcoins on the dips and hold them.
The hell with the Chinese government, Russian government, American government and the governor of Lower Slabovia.
Governments, privately owned central banks, government agencies and “Smells like excrement to me” brokerage houses, oops, investment bankers, cannot control anything without the panic they create or instill in the purchaser of the security.
The psychology of investment brokers (Pumpers ‘n’ Dumpers) is simple, make the investor feel as though he/she cannot lose at purchase time then scare them into dumping the security at any price (So as to least save a part of the investment).
Watch/play penny stocks or forex. You will see the similarity between the volitility of the scam dirivatives/forex and BTC the last 6 months.
Until the last 2 years, there was little news of crypto currencies and suddenly when NEWS appeared, volatility also appeared.
Historically, volatility appeared in BTC when the Chinese government made them illegal, then, Australia had an auction with loads of BTC to dump, Silk Road was busted and the US gov had their auction,……..blah, blah, blah.
All this negative news was neglegable on the BTC price but now, Jamie Dimon and MorganScamley talk and people squat and crap their pants.
With or without the SEC “protection” BTC is being manipulated nowadays the same as any American, NASDAQ or OTC traded stock. (Under the “watchful protection” of the SEC)
It´s those darnedRussians!
It’s those darned Chinese!
Actually it is those darned American born brokerage houses doing exactly what they do best, taking money out of your pocket and filling their pockets full of scared money.
You continue squatting and I will continue buying the dips.