Cryptocurrency market worth more than Warren Buffett’s Berkshire Hathaway, Facebook & ExxonMobil
The market capitalization of virtual currencies is worth more than $500 billion. It is bigger than Berkshire Hathaway holding company of billionaire investor Warren Buffett.
Buffett’s company is worth $491 billion. The cryptocurrency market is also bigger than Facebook and ExxonMobil, which are each worth $411 billion, according to the PwC rating of the world’s top 100 companies.
The digital currencies price jump has been maintained by the record growth in ethereum, litecoin, and ripple.
The chief executive of digital asset comparison site Crypto Compare Charles Hayter warns investors about growing bubble in the cryptocurrency market.
“We are entering unchartered territory with huge risks, regulatory and technologically,” he told CNBC.
“There are clear comparisons to the internet bubble. There is a lot of fear and greed, but that aside there is redefining the concept of value in the virtual world with new mechanisms for value exchange” .
On Sunday the Cboe exchange first launched bitcoin futures. Another Chicago-based stock market CME Group is going to start futures on December 18.