Crypto market recently smashed the market cap of $350 billion, beating economy of Hong Kong and Israel with Total GDP of $332 and $339 billion respectively.
Crypto Market is getting bigger and bigger
Starting 2017 at just $17 billion in market cap, Crypto currencies has taken over entire world and reached the market cap of $350 billion, making overall gain of more than $1500% this year alone, and that’s a staggering number, Money pouring in from different different parts of the world, this gain has been criticized by some analysts as well, calling Crypto market and Bitcoin as a Fraud, one of them is Jamie Dimon, CEO of one of the world’s largest Investment Banks JP Morgan, ban from China hit the market in September when Bitcoin prices crashed and reached the level of $2950 before recovering above $5000 next month and them smashed pass all the records to reach this level of around $12000.
Overall Market sentiment is Bullish
Overall sentiment in the crypto market is bullish, not only Bitcoin but also other crypto currencies are gaining in value, recent example has been IOTA, which gained more than 100% in just 24 hours
Bitcoin Cash, Ripple, Bitcoing Gold, Ethereum, Dash, Lite coin and there are many other examples in which investors gained a lot from their investments.
Economy of Israel and Economy of Hong Kong
Hong is financial hub of Asia and 33rd biggest economy in the world, current GDP of Hong Kong is $332 Billion making it 33rd largest economy in the world.
Economy of Israel is ranked as 32nd biggest economy of the world with GDP of around $339 Billion
With Market cap of more than $350 billion, Crypto market has already beaten Hong Kong as well as Israel, Next target for Crypto market would be Iran, Austria and Norway
Is Toronto Next to Accept Bitcoin for Property Taxes?
Toronto is the biggest city of Canada with a population of more than 6 million. It’s also one of the leading global financial centers which makes it an attractive place for investors.
Bitcoin has emerged as the leading cryptocurrency in the world and attracted a lot of attention from financial investors. There are many crypto exchanges and investors in Toronto, which makes it an important destination for crypto startups and investors.
Recently, there has been a surge in usage of Bitcoin in the Real Estate world as lot of companies around the world are now accepting Bitcoin for buying and selling of properties. In April 2019, Innisfil, A town located in Ontario, at a distance of about 1 hour drive from Toronto, announced that they will accept Bitcoin for property taxes at the municipal level. In July this year, Richmond Hill announced that they are ready to accept Bitcoin as a payment method for property taxes.
Evan Kuhn, Co-Founder of a Toronto based crypto exchange Coinberry believes that integration of Bitcoin as a payment method for property taxes in Toronto can reduce cost, not only for tax payers, but for municipalities as well. Kuhn mentioned
“It doesn’t cost homeowners to use the service, and it costs the municipalities far less in processing fees”
“A credit card company charges a 3% fee,” he said. “Our fee is .5%, so that’s a lot more beneficial for the municipalities.”
He further explained the entire process to make it simple for the users and for the authorities. “When a resident makes a payment through our exchange, the company immediately converts the Bitcoin into Canadian Dollars and pays the relevant authority, so in basic concept this entire process works like a credit card system but with lower fee for both parties”
Morning Crypto Roundup
- Crypto market entered into a consolidation phase, with market cap at around $265 billion, market is currently trading in a range
- Bitcoin stays above $10,000
- Gray scale reported in a recent report that there are 7.1 million active Bitcoin users worldwide with more than 32 million Bitcoin wallets.
- After Innisfil and Richmond Hills, is Toronto next to explore an opportunity to pay property taxes through Bitcoin?
- According to a report from CryptoCompare.com, Untrusted crypto exchanges are dominating the crypto volume with more than 2/3 share