You’d be forgiven for thinking today’s headline relates to Australia’s mounting debt. But that would be wishful thinking.
The Federal government debt exceeded $500 billion earlier this year.
And it’s still climbing.
No, the $223 billion (US$175 billion) represents the total current value of all cryptocurrencies.
There are now over 1,100 cryptos in virtual circulation. With new digital coins hitting the market almost every day.
Bitcoin remains the dominant player in the market. Its market cap is now about US$95 billion. That makes it larger than US financial juggernaut Goldman Sachs.
One bitcoin currently fetches US$5,575. That’s up from US$1,018 on 2 January this year. Or a gain of 648%.
Despite continuing price swings, bitcoin is truly going mainstream.
As The Sydney Morning Herald reports, bitcoin could soon be used to purchase properties.
UK-based wealth-management firm London Wall is starting a new trend. Or at least they hope to.
The firm is selling a house in Notting Hill for £18 million (AU$30 million). And it wants to make the sale in bitcoin.
Ned El-Imad, a partner in London Wall, told the Thomson Reuters Foundation:
‘We hope this will start a trend because we believe in the concept of bitcoin as a fair and transparent method of moving money around the world without having to rely on third parties.’
The idea is to show investors that making large transactions with bitcoin — such as AU$30 million homes — is a simpler way to conduct business.
The property is slated to go on sale later this month. Whether it sells for bitcoin or pounds remains to be seen. As does the price of bitcoin in two weeks.
At time of writing, the property would set you back around 4,200 bitcoins.
And as bitcoin continues to gain global acceptance, it could be key to your future financial privacy.
Not necessarily to buy multi-million-dollar homes. But it could serve to keep the prying eyes of government and big corporations away from your daily transactions.
In a world where privacy is ever more elusive, bitcoin is one to keep an eye on.