The theme this week is "blockchain development", specifically the relative rise of crypto. For more on Bitcoin development specifically, check out TradingView's Bitcoin/USD Timeline. Our next post will feature "investor perspectives."
The Bitcoin market cap now exceeds the GDP of 175 countries. In 2017, the bitcoin market cap was $15.66 billion dollars. It has since grown to $2 trillion as of April 5th, 2021. In short, it took the market over 3 years to grow from $500 billion to $1 trillion, but it recently doubled in market cap in just two months.
Bitcoin’s most recent (third) halving occurred on May 11, 2020. Some believe, for the 3rd to 4th halving, Bitcoin could follow the same pattern as previous market cycles and surge 20x in the near term. Next week we'll break down investor sentiment in Bitcoin and the overall market. Note that some estimates predict that the 33rd epoch will occur in 2140, when Bitcoin’s entire fixed supply of 21 million will be mined. After that, no new Bitcoin will be distributed to the market from miners.
PwC economists expect China and the United States to benefit the most from blockchain technology over the next decade. As 61% of CEOs prioritize digital transformation, PwC predicts big rewards via blockchain for industry sectors such as public administration, education and healthcare.