$ 8 billion? A DAY?!
It’s no wonder Goldman Sachs is starting to pay attention to Bitcoin and crypto currencies generally. In the past 24 hours the total trading in crypto currencies has topped $8billion and a market cap of more than $150 billion. That ain’t hay. Compared to the London Stock Exchange daily trade of roughly $5.5billion, that is extremely interesting for a trading giant.
I know compared to foreign exchange trading it’s peanuts (after all, that amounts to some $4 TRILLION per day) but even a tiny fraction of $8 billion is still worth having.
That’s why, with the inexorable rise in both market cap and daily trading volume, Goldman’s has started talking seriously about crypto currencies, and Bitcoin in particular. What they see is a continuing increase in ICOs (the fuel for the trading and use of crypto currencies), in daily trade volume, and in a growing acceptance that using these currencies can be beneficial and profitable both in the long and short run.
There is already an ICO fund in the States – Pantera, already very successful. Typically, they buy ICOs at a discount of 35% to the issue price. That’s much better than working on IPOs, where you only get a tiny percentage – and you are at risk for a long time. So I fully expect Goldman’s to set up their own ICO fund – probably at the beginning for only their very best clients. In the UK, it’s only a matter of time before something similar happens. At the moment there don’t appear to be UK ICOs happening – apart from our own Scotcoin one in the not too distant future!
I was looking back at some articles that have been written over the last couple of years about Crypto currencies and Scotcoin in particular. One article from last year drew my attention. It displays the kind of thinking so prevalent when the status quo is challenged. Thomas Watson of IBM famously stated there might be half a dozen computers in existence in the future. Look how that turned out.
Let me share some of it with you.
“I am not from Scotland, but it seems they just use it [independence referendum] to promote their coin. I don’t like a coin that is country-targeted, it should be open to all.” (Robelneo) The coin IS open to all – Scotcoin has holders in more than 40 countries world wide.
“All of the country coins are scams. They are artificially pumped up in the value and the volume is ridiculously low. Virtually nobody is buying or selling these coins.” (Sarlangg)
This is completely untrue in Scotcoin’s case. The value goes up and down – just the same as Bitcoin, stocks and shares and foreign exchange. We have additional holders every day of the week and a forward plan for use in the community. An article in the Financial Times recently highlighted the fact of product being bought in the real world.
“It is apparent that, so far, these currencies have not demonstrated any significant take-up. According to British newspaper the Daily Express, the digital Scotcoin is now worth less than the Zimbabwean dollar, with 1,000 Scotcoins amounting to 86 pence.” Untrue. Even at the time of the article it was £1.35. At today’s date 1000 SCOT is approx £11. Over the last three years it has appreciated by approximately 25 times, and we have more than 3500 holders.
And it’s not a choice of EITHER traditional currencies OR cryptos. These systems will operate alongside traditional currencies – as WIR has in Switzerland for more than 90 years. WIR has more than 68,000 businesses affiliated to it and trades several hundred million USD annually.
If we could get to that with Scotcoin, the country and it’s SMEs would benefit enormously. I firmly believe we are just at the tipping point for the revolution that is Blockchain, with all the implications that has for the future, not just for Scotcoin but the world in general.