Cryptoassets Hit $500 Billion in Network Value

Source: ARK Disrupt Issue 104: December 19th, 2017 https://ark-invest.com/research/ark-disrupt-issue-104
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This week the value of all cryptoassets crossed $500 billion, as shown below, with bitcoin accounting for more than half.

graph of cryptoassets value May 2013 to Dec 2017

Source: Coinmarketcap.com

At more than $500 billion, cryptoassets now account for 0.6% of global GDP and have gained significant traction since Chris Burniske conducted the survey depicted below this past summer. Other asset classes like bonds and stocks have taken more than 20 years to reach 1% of GDP, suggesting that bitcoin and other cryptoassets are enabling the world to change at an accelerating rate.

screen shot of Chis Burniske post 48% of his respondents voted that the value of the aggregated network value of crypto assets exceed $1T ar least once by Dec 2020

Recently, bitcoin’s network value has scaled dramatically for several reasons: Japan deeming it as legal tender in April, the launch of the CBOE bitcoin futures market last Sunday and the impending launch of the CME bitcoin futures today, and its adoption in countries plagued with corruption and hyperinflation like Zimbabwe and Venezuela. In ARK’s view, bitcoin has been ringing the bell for a new asset class, one that could evolve much faster than any other in history.

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2018-01-09T20:43:50-04:00 December 20th, 2017|