Coins on the Sidelines (2)
Courtesy of Michael Batnick
There are 45 cryptocurrencies with a market cap greater than $1 billion.
At nearly $2 trillion in these 45 names alone, we’re talking serious numbers. Bitcoin is still the biggest, but it’s no longer the only kid on the block.
Cryptocurrencies have created hundreds of billions of dollars out of thin air. If I’m reading this chart right, it looks like more than 60% of Bitcoin’s $1t market cap is profits.
So many people have gotten so rich from Bitcoin that there are probably some real-world implications for all of this. There are more than 100,000 Bitcoin millionaires. 9,500 hold more than $10 million! I’m wondering about the impact of some of these people taking some coins off the table to put into the real economy.
Take Jim Cramer, for example, who recently paid off his mortgage with some of his Bitcoin gains.
Josh and I are going to get into this and much more on tonight’s edition of What Are Your thoughts?
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