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Fresh Gains Push Bitcoin Back Into the World’s Top 10 Most Valuable Assets

31/05/2022 by Idelto Editor

While bitcoin has lost more than 16% in value against the U.S. dollar during the past 30 days, the cryptocurrency’s market capitalization is still the world’s tenth-largest asset by market valuation. With $603 billion in market value, bitcoin is above Meta’s (formally Facebook) capitalization and just below Berkshire Hathaway’s overall valuation.

Despite Losing Over 16% in a Month, Bitcoin Is Still the 10th Most Valuable Asset Worldwide

The leading crypto asset bitcoin (BTC) has had a rough few weeks in terms of market prices dropping. A month ago today, BTC was 16.4% higher in USD value as the recent stock market carnage and the Terra LUNA and UST fiasco contributed to bitcoin’s losses. However, in terms of market dominance, BTC’s market capitalization among more than 13,000 cryptocurrencies is now over 44% of the $1.36 trillion crypto economy.

While BTC is the number one leading crypto asset today in terms of market valuation, the crypto asset’s market cap makes it the tenth-largest in terms of all the major market capitalizations stemming from the likes of companies like Apple and Amazon, alongside precious metals like gold and silver.

Today, gold is the largest market capitalization among the 6,265 commodities and companies that make up $86.516 trillion in USD value. One ounce of fine gold today is exchanging hands for $1,848 per unit and it has an overall valuation of $11.737 trillion. Companiesmarketcap.com metrics currently show bitcoin’s $603 billion market cap equates to 5.13% of gold’s overall market capitalization.

The second-largest asset is Saudi Aramco, which is worth $2.457 trillion and it eclipses the entire $1.36 trillion crypto economy. The third-largest global asset in terms of commodities and company shares is Apple with $2.406 trillion. While bitcoin equates to only 5% of gold’s net worth, BTC represents 25.06% of Apple’s market valuation.

Following Apple includes assets like Microsoft, Alphabet (Google), Silver, Amazon, Tesla, and Berkshire Hathaway respectively. Berkshire Hathaway rests above bitcoin (BTC) as the company’s market capitalization today is $698.81 billion. This means that BTC’s market cap equates to 86.28% of Berkshire Hathaway’s net worth. Bitcoin’s market cap was much higher at one time and it once surpassed Facebook’s market valuation.

In February 2022, BTC was the ninth-largest crypto asset according to companiesmarketcap.com metrics. After dropping to a low recently, BTC held the eleventh position in terms of the world’s most valuable assets. The crypto asset’s latest gains has allowed it to recapture the tenth position in terms of the market capitalizations of 6,265 commodities and companies.

What do you think about bitcoin being the tenth most valuable asset worldwide? Let us know what you think about this subject in the comments section below.

Coinbase CEO Says Apple’s Crypto Policy Raises ‘Potential Antitrust Issues’

25/04/2022 by Idelto Editor

The CEO of the Nasdaq-listed cryptocurrency exchange Coinbase, Brian Armstrong, says Apple has not played nice with crypto, noting that the tech giant has banned a bunch of crypto features in its App Store. Apple’s anti-crypto policy raises “potential antitrust issues,” said the Coinbase executive.

Potential Antitrust Issues

Coinbase CEO Brian Armstrong talked about Apple’s crypto policy in an episode of the Superteam podcast, which aired last week. Superteam is a podcast that explores the web3 ecosystem in India.

Commenting on Apple’s anti-crypto policy, he detailed: “You try to get your app in the App Store and Apple ejected it and then they had this competing one that got approved … it’s a black box.” The Coinbase boss elaborated:

Apple so far has not really played nice with crypto. They’ve actually banned a bunch of features that we would like to have in the app, but they just won’t allow it — so there’s potential antitrust issues there.

Armstrong added: “There’s going to have to be crypto-compatible phones that I think could actually become quite popular in the future, so it’ll be interesting to see how that plays out.”

The crypto exchange CEO stressed that he doesn’t want Coinbase to be like Apple, adding: “Decentralized exchanges (DEXs) to me are very interesting for that reason.”

Regarding coin listings, the Coinbase CEO explained that as a regulated financial service business, the platform cannot just list anything so Coinbase developed “very vigorous listing standards” to decide which cryptocurrencies will be listed.

If a coin meets the platform’s listing standards, “then we want to list it and let the market decide,” the executive clarified, adding:

I want us to be a little bit more like the Amazon of assets, not a walled garden like Apple’s App Store.

Do you agree with Brian Armstrong? Let us know in the comments section below.

Bitcoin Is Overtaking The World’s Previously Most Popular Brand: The US Dollar

23/03/2022 by Idelto Editor

Comparing Bitcoin to a brand and looking at how Apple became larger than Coca-Cola can give us a glimpse into how Bitcoin will overtake the dollar.

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In this Twitter Spaces conversation, Tomer Strolight compares Coca-Cola to the U.S. dollar as the world’s formerly most powerful brand and likens Apple’s rise to Bitcoin as the thing that will overtake dollar hegemony.

The beginning of the episode starts with Strolight sharing the story of Coca-Cola and how their product became so powerful once they removed cocaine from the recipe but kept the price. Through the change, Coca-Cola built brand equity and became the king of brands.

Once Apple came along, software became bigger than products with its ephemeral, intangible value. Strolight says, “Apple overtook Coca-Cola in value, not because they were selling electronic components, which are commoditized, but because they had amazing software, where it did things that no other company’s software was able to do and this is what we pay for.” People pay for the incredible experience that software creates.

By viewing the dollar as a brand, it is Coca-Cola in this analogy. The U.S. dollar doesn’t have software. Bitcoin is software.

Strolight talks about all the reasons Bitcoin is a solid brand. It doesn’t have a marketing division nor a budget. The name rolls off the tongue and it’s obvious that it’s digital money because “bits” are digital and “coins” are money. It’s easy to spell and it works in any language.

Toward the end of the episode, Strolight envisions the world on a Bitcoin standard. “I see a very beautiful world. I see a world where everyone gives the best of what they can be in exchange with others for the best of what they can be. And not just that, it’s a world where you can figure out what it is that you are and who you are.”

Bitcoin as a brand, with software at the core, is on track to take over the legacy system.

Apple Co-Founder Steve Wozniak Talks Bitcoin On Steve-O’s Wild Ride

11/03/2022 by Idelto Editor

Co-Founder of Apple Steve Wozniak discusses Bitcoin energy use, environmental impact, leaving fiat currency and his previous cryptocurrency endeavors.

Steve Wozniak appeared on Steve-O’s Wild Ride where he discussed cryptocurrencies used to “rip people off” and their environmental impact.
Wozniak addresses Bitcoin energy saying “it costs an amount of energy for what anything is worth.”
Bitcoin is different from other cryptocurrencies since “Bitcoin is safe because it’s the big elephant on the block.”

Co-founder of Apple, Steve Wozniak, recently appeared on an episode of Steve-O’s Wild Ride!, in which Steve-O, a leading actor in Jackass: The Movie, discussed Bitcoin and its impact on both the economy and environment.

“Bitcoin, it takes a lot of energy to mine and to keep all of these cyber currencies,” Wozniak said to Steve-O as the host of the show mentioned he had received some pushback from viewers of his show for selling non-fungible token, which some of his audience viewed as a waste of energy.

“It costs an amount of energy for what anything is worth,” Wozniak interjected. “The three E’s. The economy, equals the energy used, equals the emissions.”

“The global economy equals the energy used (if you double one, you double the other), and that equals the amount of pollution that we get. Double the energy, you double the pollution,” Wozniak said.

Wozniak redirected the conversation explaining that the concern for Bitcoin energy consumption is largely unfounded since everything has a cost and we, as a society, have to determine if the cost is justified. To dismiss Bitcoin for energy consumption is to ignore the fact that anything we have uses energy, as Wozniak explained to Steve-O.

When asked if humanity would continue to use fiat currency or if it was moving towards cryptocurrency by Steve-O’s co-host, Wozniak responded “it’s hard to erase things that humans have learned.”

Wozniak continued to explain that much of the use-cases arising today in the crypto space seem to be gearing towards scams. “I think it’s being used a lot these days to rip people off.”

Giving an example of what these scams can look like Wozniak said “I’ll start a crypto, I’ll hire an engineer that knows how to create it, and I’ll get a celebrity to back it up.” Using Kim Kardashian as an example, he said he’d make the Kim Coin. “And then the founders that started it pulled off some millions of dollars right away.”

He continued to explain that this is a common story, and sees many investors’ assets fall to zero due to a lack of diligence, or honesty from the founders. Wozniak continued to say “the amount of people that get ripped off in crypto and NFTs is just outrageous.”

Wozniak then separated Bitcoin from other cryptocurrencies by saying “Bitcoin is safe because it’s the big elephant on the block.”

Earlier in the podcast, Wozniak spoke on being offered one of these scenarios in which a company wants to create a cryptocurrency backed by a celebrity. “We’re gonna have a crypto coin on an exchange,” Wozniak said as he was impersonating the founders of EFFORCE – an electric efficiency company – “they ended up naming it Wozx.”

In 2020, Wozniak did an interview with Yahoo Finance where he commented on his involvement with Wozx. “I’ve been working in stealth with this group for a couple of years. I am in an engineering role, contributing to the blockchain thinking and accessibility of WOZX.”

Apple Co-founder Steve Wozniak Says Bitcoin Is “Pure-Gold Mathematics”

07/03/2022 by Idelto Editor

In a recent interview, Steve Wozniak discussed the mathematical purity of Bitcoin as “pure-gold” mathematics, separating it from other cryptocurrencies.

Steve Wozniak, co-founder of Apple, says Bitcoin is the only cryptocurrency with “pure-gold mathematics.”
Wozniak discusses an inherent lack of trust in the cryptocurrency space, calling tokens “flaky.”
Bitcoin is different because it is a force of “nature over humans.”

Steve Wozniak, the legendary co-founder of Apple, recently took an exclusive interview with Business Insider to discuss a range of tech related subjects. Not to be counted least of all, Wozniak discussed his outlook on the grander cryptocurrency environment regarding his concerns for much of the space, while also highlighting Bitcoin’s separation from the overall concerning market as its own mathematical purity.

“There’s so many cryptocurrencies that come out now; everybody has a way to create a new one, and you have a celebrity star with it,” Wozniak told Business Insider. “It seems like they’re just collecting a bunch of money from people who want to invest at the very earliest stage, when it’s worth pennies.”

Reiterating much of the concern typically associated with entering into the cryptocurrency space, Wozniak is discussing an event colloquially referred to as a “rug pull.” Driving immense value from hype, developers of some cryptocurrency platforms or derivatives pump the price and “then they just fold,” Wozniak stated in the interview.

Wozniak alluded to the solution of Bitcoin after mentioning “a token’s flaky on its own,” bringing us back to the original concern Wozniak addressed of cryptocurrencies lacking in apparent trust. Wozniak spoke directly to Bitcoin towards the end of the interview when he said it is the “only one that’s pure-gold mathematics.”

This harkens back to an interview with Yahoo Finance from October of last year where Wozniak said, “Bitcoin is mathematics, mathematical purity. There can never be another Bitcoin created. Bitcoin doesn’t even have a creator that we know of.” Wozniak continued, “Bitcoin isn’t run by some company. It’s just mathematically pure. And I believe nature over humans, always.”

Wozniak’s most recent venture comes in the form of Unicorn Hunters, focused on mixing entertainment with pre-IPO knowledge for investors and founders of companies likely to reach a billion-dollar valuation.