The appetite for digital currencies keeps on rising, with their total market value breaking a completely new record high.
The digital currency market rose above $300 billion for the 1st time on Sunday evening, according to industry website coinmerketcap.com. By 9:00 a.m. London time on Monday morning the total market capitalization had reached $304,628,469,227. This specific came as the most prominent cryptocurrency, bitcoin, passed the $9,0 threshold earlier on Monday in addition to Ethereum reached a completely new all-time high.
Speaking to CNBC, Frank Holmes, the chief executive officer at U.S. Global Investors, said which was difficult to say which digital coin would likely survive inside current market, however added which more people will learn to trust them as time passes.
“What bitcoin has done, which has woken up everybody to the power of the blockchain technology (the underlying ledger which supports bitcoin), like emails woke everyone up to the internet. At the beginning people didn’t trust the internet,” he noted.
“So we don’t know who’s going to survive. We saw Google being surpass Yahoo – how This specific will evolve I don’t know,” Holmes told CNBC Monday.
This specific rapid rise of bitcoin in addition to its rivals has sparked fierce debate over the future of digital currency. Jamie Dimon, the CEO of JPMorgan, has been vocal about the risks of investing in digital currencies, which are not regulated. He warned last month which those “stupid” enough to buy bitcoin will “pay the cost for which.”
On the different hand, there are those who see benefits in digital currencies. Hans Redeker, global head of foreign exchange strategy at Morgan Stanley, told CNBC which they can become an important tool for monetary policy.