#CryptoCorner: Liechtenstein and Australia make Investing in Crypto Easier but Should Investors Worry about a Cryptocurrency Bubble?
March 2
Edition of #CryptoCorner: Liechtenstein
and Australia make Investing in Crypto Easier but Should Investors Worry about
a Cryptocurrency Bubble?
Point Roberts, WA, Delta BC – March 2, 2018 - Investorideas.com, a leader in crypto and
blockchain investing news reports on what’s driving the cryptocurrency markets
with today’s edition of Crypto Corner.
Read this news in full at http://www.investorideas.com/news/2018/crypto-corner/03021LiechtensteinAustralia.asp
Crypto Corner – March 2, 2018
By Samuel Mowers at Investorideas.com
Liechtenstein and
Australia make Investing in Crypto Easier but Should Investors Worry about a
Cryptocurrency Bubble?
With
a roughly $185 billion market cap, Bitcoin has around 40 percent share of the
total cryptocurrency market cap. Following is Ethereum with a market cap of
about $84 billion (18 percent).
In
a recent interview with Business Insider’s Sara
Silverstein, Sharmin Mossavar-Rahmani, CIO of the Private Wealth Management
Group at Goldman Sachs, said she regards bitcoin as a bubble while approving of
blockchain technology more broadly.
“Our view is that while we
like the concept of blockchain, and think it will evolve into a useful tool for
companies, for the financial industry, we think cryptocurrencies in their
current format, meaning that in the current incarnation, are in a bubble,” she
said.
“The bitcoin prices are
astronomical,” she said. “Then we compare that to Ether, and Ether is even more
astronomical. So clearly, these valuations don't make sense to us.”
When asked whether an
implosion in the sector could impact portfolios unconnected to crypto,
Mossavar-Rahmani said that the effects would be less than previous bubbles due
to cryptocurrencies having a smaller market cap.
“Clients ask us if the
dot-com bubble bursts or when subprime mortgages led to the downdraft and
eventually the global financial crisis, could we see something similar from the
impact of cryptocurrencies coming down?” she said. “But cryptocurrencies are a
much smaller part of the global economy, whether you compare it to US GDP or
global GDP, it's less than 1% of global GDP. And so in terms of the impact,
it'll have some impact. There are a lot of people who have set up various
exchanges, infrastructure, hedge funds in that space, so obviously, they will
get hurt. But it's a very, very small part of global GDP.”
Liechtenstein’s Bank Frick
will be the “first financial institution in Liechtenstein to offer the trading
of five leading cryptocurrencies and secure safekeeping via offline storage,”
according to a recent announcement.
Australians can now
purchase Bitcoin (BTC) and Ethereum (ETH) at their local newsstand in over 1200
locations. Cryptocurrency exchange bitcoin.com.au is making this possible
with minimum purchases of $50 according to a recent story in 9Finance.
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