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Bitcoin is now bigger than Armenia's economy by 18 times

Bitcoin is now bigger than Armenia's economy by 18 times

PanARMENIAN.Net - As Coinmarketcap.com puts the total value of all bitcoins in circulation at $193 billion, the cryptocurrency now exceeds the annual output of Armenia by more than 18 times.

The country's economy is valued at a little more than $10,5 billion, according to World Bank data as of July.

Bitcoin’s price surge means its market cap is bigger than most of the world's economies and the estimated worth of some of the world’s top billionaires.

The cryptocurrency continued its march higher on Monday, December 4, solidifying above $11,000 and bringing its climb this year to more than 1,000%.

The cryptocurrency’s market cap is also bigger than the likes of New Zealand, Qatar, Kuwait and Hungary.

Bitcoin’s run-up has even seen it valued more highly than two of the world’s most influential banks - Goldman Sachs Group Inc.’ ($97 billion) and UBS Group AG ($67 billion).

Also, Bill Gates is worth $90 billion and Warren Buffett has $83 billion, according to Bloomberg’s Billionaires Index.

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