1.6 Blockchain and Cryptocurrency Era
Cryptocurrencies like Bitcoin are virtual currencies of the first type that can, according to the FATF(Financial Action Task Force), be defined as math-based, decentralized convertible virtual currencies that are protected by cryptography. The main goal of bitcoin then was to control the distribution of digital coins. Within a few years, the value of the bitcoin coin has gone to a whopping market cap of 70 billion dollars.
Far higher than venture-based industries, the blockchain industry has generated more than 1.3 billion dollars based only on ICOs, which is incomparable to the $500 million the venture-based industries raised. This also brought about the introduction of other coins like Ethereum, Litecoin, and others. In their way, these new coins have also become a hit in the stock market, all of them banking on the huge success of their predecessor. Here are a few things about the crypto market in 2021; bitcoin’s market cap has succinctly exceeded 70 billion as of 2018. There have also been early predictions that as soon as 2027, the global GDP would be continually stored on blockchain technology. This means that at least 10% of the Global GDP would be developed solely on blockchain technology.