Founder and CEO of Exante Data – Jens Nordvig commented about Bitcoin to CNBC, stating that Bitcoin’s market daily trading volume will get passed the technology giant Apple with a market cap of $784 Bln.
While for the moment (as time of the press) Bitcoin’s daily trading volume is around $1 Billion USD, which is after the price crash with the Chinese regulation news despite its trading volume being up to $2 Billion in a stable understanding when it was hitting its record price and all time high. That is quite near the daily trading volume of Apple which is $4 billion USD.
Even with its 50% drop in a couple of days, there is no need for panic as it is surging in a speedy movement while the market is restructuring in contrary that the Chinese exchanges are leaving. For that a quick reply by the traders was as their trading moved towards South Korea and Japan; SK become third largest flying past China’s market.
For the event of regulation that has taken place, Charlie Shrem did add his feelings towards the action the the Chinese Gov took, calling it a trigger for its market not having any relevance anymore and it will not be of any impact for Bitcoin’s future:
“This China FUD is playing on all your fear, uncertainty and doubt. China has no real effect on the future of bitcoin. Bitcoin is about censorship free and an alternative non govt controlled financial system. China’s relevancy is diminishing by the day. They overplayed their hand and there is a reason they are being ambiguous. The only power they have over bitcoin is the power you give them. Bitcoin puts a financial system back in our control.”
Adding on that, Jens Nordvig – said that the current global-market daily trading of all digital currencies is $3 billion and it will rise exponentially as time passes. If the recovery stays on the stable side, Bitcoin’s and the total market daily trading will surely pass that of Apple the technology giant:
“Cryptocurrency trading volume is now more than of $3 billion per day on average, and will likely soon surpass that of the world’s most liquid stock: Apple ($4 billion per day). We do not believe that one can predict with confidence at this point that any given cryptocurrency will continue to thrive and gain status as an alternative to traditional currencies in the long term. But we look forward to using the information from an increasingly active cryptocurrency market in our tracking of global capital flows, when appropriate,” said Nordvig.
Already, the demand for bitcoin as a safe haven asset, store of value, and long-term investment is growing at an exponential rate in countries including Japan, the US and South Korea. More importantly, large-scale institutional and retail traders are focusing on investing in bitcoin through regulated channels. As regulated exchanges such as Gemini and major financial institutions like the Chicago Board Options Exchange successfully introduce trading platforms for institutional investors, the daily trading volume of bitcoin will further increase.