Bitcoin’s market value reaches $1.12 trillion

The total market value of Bitcoin has now surpassed the Canadian dollar money supply M1 (narrow money supply). According to data provided by Goingecko, the total market value of global cryptocurrencies currently exceeds US$1.8 trillion, and is currently approximately US$1,862,916 million. At the same time, the total market value of Bitcoin exceeded 1.1 trillion U.S. dollars, and it is currently about 1.1213 trillion U.S. dollars, accounting for about 60.2% of the total market value. Take-profit.org cited data released by the Bank of Canada on March 6 and showed that as of December 20, 2020, the Canadian dollar money supply M1 was approximately US$1.1167 trillion. According to the official market data of the Chinese currency, Bitcoin is currently reported at 59,370 US dollars, a 24-hour decline of 2.61%, and the 24-hour price range is 58719 US dollars to 61497 US dollars.

Cryptocurrency inflows have dropped sharply

On March 12th, Michael Saylor, the CEO of MicroStrategy, the world’s largest independent business intelligence company, which had been reported many times before, announced on Twitter that MicroStrategy purchased another 262 bitcoins for US$15 million in cash, with a unit price of US$57,146. . As of March 12, 2021, MicroStrategy has acquired 91,326 bitcoins for a total of US$2.211 billion, with an average price of US$24,214 per bitcoin.

In addition, Conor, the co-founder of the well-known note-taking software Roam Research, also announced on Twitter that his company has invested 2% of its assets in Bitcoin. Conor also stated that Bitcoin is used to hedge risks in the balance sheet, not a source of profit. In July last year, when its software users asked when the platform would participate in Bitcoin, the platform also replied that it does not support Bitcoin for the time being.

Anthony Pompliano, founder of the well-known capital management company Morgan Creek (Morgan Creek), also posted his views on Bitcoin on Twitter. He believes that every time someone around the world realizes that their government will print an unlimited amount of money, Bitcoin will become stronger. And Bitcoin is the top predator in the financial market, and investors are racing to use it as a safe-haven asset. He also pointed out that for companies that manage large amounts of national debt, Bitcoin is the asset most likely to generate considerable growth.

Coincidentally, Bitcoin billionaire Cameron Winklevoss also posted Bitcoin views on Twitter. He believes that fiat currency has been on the scale for decades, but it still hasn’t reached the scale of more than $1 billion in unbanked deposits. And because Bitcoin can be ubiquitous, it can be applied to anyone anywhere on the Internet, with greater social scalability. In addition, he also believes that checks for the stimulus plan will surely flood into Bitcoin.

On March 15, Max Keizer, a Wall Street financial analyst and Bitcoin supporter, stated in a recent report that Bitcoin has the potential to become the new base currency and replace the entire US$5 trillion foreign exchange market. Keizer said that Bitcoin has an advantage in global payments because of its decentralization, deflation and security features. These characteristics keep this flagship cryptocurrency in a mainstream position. Keiser emphasized that Bitcoin’s advantages as a global payment exchange medium have made banks including Citi Bank obsolete.

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