is back on the rise after a rough first half to the year. The world’s No. 1 cryptocurrency today crossed another milestone in its comeback, as it regained $8,000 for the first time since May 23. Bitcoin is now within striking distance of its 200-day moving average.
As the calls for Bitcoin to hit meteoric heights start rolling in again, it seems inevitable that so, too, will the calls that it’s a giant bubble the likes of which the world has never seen.
At times such as these, it’s perhaps worth taking a step back to remember where Bitcoin stands in the breathtakingly colossal world of money. The graphic below, from data visualization site HowMuch, visualizes the total value of each of the world’s major markets and ranks them by their combined total value.
We’ve featured depictions of all the money in the world before, however, this one takes the perhaps symbolic, but nonetheless eye-grabbing step of visualizing each market as a sphere — a “bubble,” as it were. Where global debt and real estate are huge orbs occupying a good half of the graphic, Bitcoin is just one fragment of one tiny dot.
The graphic doesn’t so much suggest that all of these markets are, in fact, bubbles — though, should you be looking for such a graphic, head right over here. The point is more to keep things in perspective, as the rhetoric starts to heat up again.
As HowMuch puts it, “the cryptocurrency market is certainly one of the fastest-growing and most exciting assets in the world… But for all the hype, the entire crypto market is worth only a tiny fraction of the gold market, which is itself only worth about 10% of the entire world’s stock markets.”
Meanwhile, the massive global real-estate market is valued at $217 trillion, which is still less than the largest single type of market: debt. The global debt market is valued at $247 trillion (the U.S. national debt passed the $21 trillion mark in March of this year).
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