Ewald Nowotny urged the European Union to regulate Bitcoin

Bitcoin

During the 2017 Bitcoin’s value jumped from $1.000 to over $16.000 and, as the crypto-currency popularity grows, Central Banks starts to worry over the consequences of a bubble burst. In a worst case scenario the blame will be put at the bank’s doorstep since bankers kept the currency unregulated despite the high demand.

Not for nothing Ewald Nowotny, president of the National Bank of Austria and member of the European Central Bank ’s governing council, on Monday urged the European Union to regulate Bitcoin: Simply because of the scale, it is certainly increasingly necessary to discuss whether and in what form regulations are needed here. A particular aspect that needs to be discussed …is the question of how far the regulations on money laundering …are relevant here,” he told a news conference.
“While even small lenders were subject to strict controls on money laundering, it made no sense that even large bitcoin transactions could proceed without similar checks”, he added.

Bitcoin market cap surpasses New Zealand (and many US giants)

Bitcoin

2017 will be reminded as one of the greatest among cryptocurrency enthusiasts, crypto miners and bitcoin owners. The surge of Bitcoin, the most famous cryptocurrency on the planet, has been impressive and consistent for the whole year.

On January 2017 Bitcoin touched $1.000 for the first time and on December it values 10 times as much, surpassing the $10.000 ( bringing its climb this year to more than 1,000 percent). The consensus and the future of the cryptocurrency it’s unclear, with some analysts predicting price to rise over $100.000 (John McAfee’s target price for 2020 is $1 million) while others keeps seeing it as a bubble ready to burst at any time.

Meanwhile, one thing is clear and undeniable: the price keeps rising and along with it its market cap.  With all Bitcoin in circulation, the cryptocurrency has now a market cap of $190 billions, and it continue to rise very fast.

Bitcoin value is currently above economies such as New Zealand (whose economy is valued $185 billion), Romania ($188), Iraq ($175), Algeria ($165). The Bitcoin economy surpasses even giant companies as Pepsi, McDonald’s and Boeing, as reported from Bloomberg. 

At these values, Satoshi Nagamoto’s fortune is worth about $10 billion, turning him one the richest person in the World (he now stay in the top 250th). The pseudonymous creator is estimated to own 980,000 bitcoins, amassed from mining the cryptocurrency in its early days.