Crypto Corner: Liechtenstein and Australia make Investing in Crypto Easier but Should Investors Worry about a Cryptocurrency Bubble?
Point Roberts, WA and Delta, BC - March 2, 2018 (Investorideas.com Newswire) Investorideas.com, a leader in crypto and blockchain investing news reports on what's driving the cryptocurrency markets with today's edition of Crypto Corner.
Crypto Corner - March 2, 2018
By Samuel Mowers at Investorideas.com
Liechtenstein and Australia make Investing in Crypto Easier but Should Investors Worry about a Cryptocurrency Bubble?
With a roughly $185 billion market cap, Bitcoin has around 40 percent share of the total cryptocurrency market cap. Following is Ethereum with a market cap of about $84 billion (18 percent).
In a recent interview with Business Insider's Sara Silverstein, Sharmin Mossavar-Rahmani, CIO of the Private Wealth Management Group at Goldman Sachs, said she regards bitcoin as a bubble while approving of blockchain technology more broadly.
"Our view is that while we like the concept of blockchain, and think it will evolve into a useful tool for companies, for the financial industry, we think cryptocurrencies in their current format, meaning that in the current incarnation, are in a bubble," she said.
"The bitcoin prices are astronomical," she said. "Then we compare that to Ether, and Ether is even more astronomical. So clearly, these valuations don't make sense to us."
When asked whether an implosion in the sector could impact portfolios unconnected to crypto, Mossavar-Rahmani said that the effects would be less than previous bubbles due to cryptocurrencies having a smaller market cap.
"Clients ask us if the dot-com bubble bursts or when subprime mortgages led to the downdraft and eventually the global financial crisis, could we see something similar from the impact of cryptocurrencies coming down?" she said. "But cryptocurrencies are a much smaller part of the global economy, whether you compare it to US GDP or global GDP, it's less than 1% of global GDP. And so in terms of the impact, it'll have some impact. There are a lot of people who have set up various exchanges, infrastructure, hedge funds in that space, so obviously, they will get hurt. But it's a very, very small part of global GDP."
Liechtenstein's Bank Frick will be the "first financial institution in Liechtenstein to offer the trading of five leading cryptocurrencies and secure safekeeping via offline storage," according to a recent announcement.
Australians can now purchase Bitcoin (BTC) and Ethereum (ETH) at their local newsstand in over 1200 locations. Cryptocurrency exchange bitcoin.com.au is making this possible with minimum purchases of $50 according to a recent story in 9Finance.
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