The Bitcoin and Paypal race is officially on. In the first time ever Bitcoin is nearly passing Paypal’s market cap. Industry statistics show that Bitcoin’s market cap at present time values to almost $68 bln, compared to PayPal’s $70 bln.
This is another win that expands further the unexpected growth of Bitcoin in August that would follow the lock-in of Segwit. Reaching the all-time high on Sunday Bitcoin has captured the attention of the predominant media sources.
“Up until now a lot of people didn’t really believe Bitcoin could go any higher until the scaling issue is resolved,” said Arthur Hayes, Hong Kong-based founder of bitcoin exchange BitMEX. “With this actually being implemented on protocol, theoretically the amount of transactions that can be processed at a reasonable speed is going to be much higher, so a lot of people are very bullish about bitcoin now.” Bloomberg quotes Arthur Hayes, Hong Kong based founder of bitcoin exchange BITmex.
Not only dependent on technological advances, Bitcoin is doing very well in the marketing front. “There’s a lot of advertising budget” – Bloomberg quotes
“Every $1 mln of marketing brings new demand, which increases the price as the supply is limited by design”.
Major crypotcurrency wallet and exchange Coinbase announced that it has raised $100 mln in series D funding. With the exciting expansions in the cryptocurrency world, the company admits to being caught by surprise both technically and in terms of human resources. Hence, they announced this June that they would be aiming to raise a total of $1bln in future investment rounds.