Crypto Researcher Nic Carter Says Bitcoin’s Settlement Value Has Passed Gold

Has Bitcoin Surpassed the OTC Gold Market in Settlement Volumes?

Well respected crypto researcher Nic Carter has said that despite Bitcoin’s 70% price drop it has surpassed the OTC gold market in settlement volumes.

Opening statistics of the London bullion market (LBMA) shows that, five major clearing members of the LPMCL including HSBC, ICBC Standard Bank, JP Morgan, Scotiabank and UBS, the global gold over-the-counter (OTC) market is on track to settle $446 billion in 2018, having settled less than $30 billion on a monthly basis since January.

In contradiction, based on the data provided by Coin Metrics, a cryptocurrency market data provider cited by Carter, the Bitcoin market has already processed $848 billion this year and is on route to surpass $1.38 trillion by the year’s conclusion.

Nic Tweeted regarding this:

However, the analogy offered by Carter did not include Ethereum, Ripple, Bitcoin Cash, Cardano, Litecoin, and other major cryptocurrencies in the global market. Ethereum, for instance, settles nearly two times additional transactions on a daily basis than BTC. Usually, transactions on the Ethereum network are diminutive in value than Bitcoin as the preponderance of payments is instated by decentralized applications to cover costs involved in processing data.

The enormous disparity in the volume of the gold OTC market and the volume of Bitcoin has proved that the mainstream has begun to recognize and utilize Bitcoin as a premier reserve of value and a medium of exchange, due to its remarkable benefits over gold, such as fungibility, liquidity, and transportability.

So, one might ask, what is holding Bitcoin back?

A senior analyst at JPMorgan, Nikolaos Panigirtzoglou, might have proffered this resolution back in December 2017. He said that cryptocurrencies could develop into a dominant asset class and compete against conventional assets like gold if more publicly tradable and rigidly controlled financial tools like futures and exchange-traded funds (ETFs) are introduced to US markets.

The resolution comes back to the same point that has been addressed in the crypto ecosystem for over a month now. If the profoundly awaited proposal of the CBOE Bitcoin ETF gets passed by the US Securities and Exchange Commission (SEC) by February 2019, the final deadline of the ETF, then it will open more investors to the cryptocurrency market.

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