By now, you’ve heard a lot about the crypto boom taking the world by storm. The market once valued at $17.7 billion in 2016 is now worth more than $500 billion. And, chances are good it could rally to $1 trillion, says crypto analysts. Bitcoin, for example, once soared from $13.36 in 2013 to $19,005 by 2017.
Ethereum was once valued at just 68 cents. It would run as high as $1,338.
Nowadays, the big boys are jumping on board, too.
BlackRock is looking to involve themselves with crypto now, most notably Bitcoin, which could give the coin the legitimacy its needs.
“BlackRock exploring crypto assets comes as no surprise and is definitely a positive development for the crypto market. As the largest asset manager in the world, its interest in crypto assets could be a catalyst for upward price movement and encourage other asset managers, even with more conservative strategies, to seriously explore investing in the crypto space,” said Chris Yoo, portfolio manager at Black Square Capital, as quoted by Forbes.
The CFA Institute noted that it sees the crypto “field advancing more quickly than other fields and we also saw it as more durable,” said Stephen Horan, managing director for general education and curriculum at CFA Institute. ”This is not a passing fad.”
But what is the currency that has taken the world by storm?
Crypto currency is a decentralized digital currency that is transferred between peers. All transaction are kept in a ledger, otherwise know as block chain.
There is no bank or government involvement, or even a middleman. There are no transaction fees and no real reason to give your actual name. It’s just about revolutionized transactions. In fact, the number of businesses accepting cryptocurrency is growing rapidly, including Microsoft, Intuit, PayPal, Dish Network, and Overstock.com .
Bitcoin ATMs popping up, too.
According to Coin ATM Radar, there were 3,409 Bitcoin ATMs in the world, as of July 2018. Global companies, governments and financial institutions have taken notice.
In short, it would appear the crypto boom has only just begun.