Would you rather own 100% of Wal-Mart or every Bitcoin in existence? At one point such a question would have been completely absurd, but now things have changed. As I write this article, Wal-Mart has a market cap of 287.68 billion dollars. Wal-Mart is the king of the retail industry in America, and nobody else is even close. Bitcoin, on the other hand, is an entirely digital creation that did not even exist until 2009. No government or central bank in the entire world recognizes it as a legitimate currency, and there are very, very few retail establishments that are willing to accept Bitcoin as a form of payment. And yet at this moment, Bitcoin has a market cap of 310 billion dollars.
The cryptocurrency revolution is the biggest story in the financial world right now. In recent days I have spent a lot of time writing about Bitcoin, but the truth is that all of the major cryptocurrencies have been on an unprecedented run lately. In fact, some of them have been rising much faster in price than Bitcoin has. So even though Bitcoin is now worth almost 18 times as much as it was at the beginning of 2017, that actually pales in comparison to how fast Litecoin has been rising. Of course not all of these cryptocurrencies will eventually succeed. There are about 1000 different cryptocurrencies in existence at the moment, and most of them will inevitably fail. But for now virtually every cryptocurrency is soaring, and the total market cap for all cryptocurrencies combined is rapidly approaching half a trillion dollars.
One of the things that I love about Bitcoin is that the fun never seems to end. On Sunday, Bitcoin futures began trading on the Chicago Board Options Exchange for the first time ever, and within minutes the CBOE’s website crashed. What a perfect metaphor. Bitcoin and other cryptocurrencies are completely and utterly disrupting the global financial system, and the financial establishment is still groping for a cohesive response to this growing phenomenon.
The price of Bitcoin continues to rise at an exponential rate, and the financial world is in a complete state of shock. Just yesterday, I marveled that the price of Bitcoin had surged past the $13,000 mark for the first time ever, but then on Thursday it actually was selling for more than $19,000 at one point. As I write this, Bitcoin is sitting at $16,877.42, but a few hours from now it could be a couple of thousand dollars higher or lower than that. Those that got in early on “the Bitcoin revolution” have made extraordinary amounts of money, and many believe that this is just the beginning.
I have never seen anything quite like this in my entire life. As 2017 began, Bitcoin was selling for about $1,000, and many were optimistic about what the new year would bring. But nobody could have imagined this. When Bitcoin hit $5,000 in October, it made headlines all over the world, but it has continued to rise at an exponential rate since then. My friend Joseph told me that Bitcoin would hit $10,000 “by December”, and it actually happened. This week, the euphoria has hit an entirely new level, and as I write this article the price of Bitcoin is sitting at an eye-popping $13,899.50.
Once upon a time preppers would hoard gold and silver in anticipation of the meltdown of society, but now Bitcoin is becoming the alternative currency of choice for many in the prepping community. On Monday, Bitcoin hit an all-time record high as it surged past $8,200, and it has now gone up nearly 50 percent in just the last eight days. As I have admitted previously, one of my great regrets is not investing in Bitcoin when it first started, because we have never seen a meteoric rise quite like this. Bitcoin hit the $5,000 mark for the very first time just over a month ago, it is up more than 700 percent so far this year, and it is up almost 40,000 percent over the past five years. At this point Bitcoin has a market cap of over 130 billion dollars, and many believe that this is just the beginning.
Less than a month ago, Bitcoin was selling for less than $5000, but now it has smashed through the $7000 mark with seemingly no end in sight. At this point Bitcoin has a total market cap of more than 100 billion dollars, and some analysts are suggesting that it could eventually go as high as a trillion dollars. Cryptocurrencies overall are up an astounding 640 percent so far in 2017, and personally I regret not investing when Bitcoin was still in the very early stages. I always thought that governments would eventually crack down and regulate cryptocurrencies out of existence, and that still may happen someday, but it hasn’t happened yet.