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Has Bitcoin surpassed the OTC gold market in settlement volumes?
Nic Carter, a renowned crypto researcher, said that despite the fall in the price of 70% of Bitcoin, it exceeded the OTC gold market in settlement volumes.
Statistics on the opening of the London bullion market (LBMA) show that, five major clearing members of LPMCL including HSBC, ICBC Standard Bank, JP Morgan, Scotiabank and UBS, the global over-the-gold the OTC market is about to pay $ 446 billion in 2018, having cleared less than $ 30 billion on a monthly basis since January.
In contradiction, based on data provided by Coin Metrics, a cited cryptocurrency data provider of Carter, the Bitcoin market has already processed $ 848 billion this year and is on track to exceed $ 1, 38 trillion by the end of the year.
Nic Tweeted about this:
Reading things like this can not bring a smile on my face pic.twitter.com/9eqAWhANJq
– nic carter (@nic__carter) 12 August 2018
I am prudently evaluating the OTC London gold market, overseen by LBMA, at 70% of global volumes. They publish compensation statistics. With these I can estimate the total net volume of gold regulation set at $ 446b for 2018 (based on 6 months of data). pic.twitter.com/gQ5YhJtU0V
– nic carter (@nic__carter) 12 August 2018
Conservatively, (correct estimates), Bitcoin has established $ 848b this year, and is on track to fix $ 1.38 T. Bitcoin, it seems, has quietly surpassed the OTC gold market in settlement volumes.
– nic carter (@nic__carter) 12 August 2018
However, the analogy offered by Carter did not include Ethereum, Ripple, Bitcoin Cash, Cardano, Litecoin and other major cryptocurrencies in the global market. For example, Ethereum regulates nearly twice additional transactions on a daily basis compared to BTC. Usually, transactions on the Ethereum network are diminutive compared to Bitcoin because the preponderance of payments is generated by decentralized applications to cover the costs involved in data processing.
The huge disparity in the volume of the OTC gold market and the volume of Bitcoin has shown that the mainstream has started to recognize and use Bitcoin as a premise reserve of value and a medium of exchange, thanks to the its significant benefits on gold, such as fungibility, liquidity and transportability.
So, one might ask, what is Bitcoin holding back?
A senior analyst at JPMorgan, Nikolaos Panigirtzoglou, could have presented this resolution in December 2017. He said cryptocurrencies could turn into a dominant asset class and compete with conventional resources such as gold if more publicly traded. and strictly controlled financial instruments such as futures and exchange-traded funds (ETFs) are introduced into US markets.
The resolution comes from ck to the same point that has been addressed in the cryptographic ecosystem for over a month. If the long-awaited proposal of the ETCO CCOE Bitcoin is approved by the US Securities and Exchange Commission (SEC) by February 2019, the last term of the ETF, then it will open more investors to the cryptocurrency market.
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