Apple could buy every Bitcoin in existence, twice, with cash
The current bitcoin market cap is small enough that Apple could buy every single coin in existence, twice.
Apple announced their earnings a few days ago and became the first trillion dollar company in US history.
They are not the first company ever to have a trillion dollar valuation as PetroChina reached that milestone back in late 2007 when it launched on the Shanghai Stock Exchange.
However, due to a collapse in oil prices and a global recession, it lost more 75% of its value over the coming year.
It is said to be the largest destruction of share holder wealth in world history.
Apple, however, will likely not repeat that same price action.
Apple could buy every bitcoin in existence, with cash.
On Apple's earnings release, they announced that they now have $244 billion in cash on their balance sheet.
(Which is actually a drop from the $269 billion they had previously)
Currently bitcoin is sporting a market cap of $120 billion, which means, hypothetically, Apple could buy every bitcoin in existence two times over with its giant $244 billion cash hoard.
Yes yes I know, Apple couldn't really buy every coin as prices would start running up as they started to buy and it would likely cost much much more in order to actually buy every single coin.
Though, one must also consider some coins are lost forever, which means it would take less money to buy all the tradeable bitcoins currently than the market cap might indicate.
Either way it is still a fun idea to throw out.
(Source: https://coinmarketcap.com/)
But wait, there's more...
What's more, Apple could actually buy just about every coin of every cryptocurrency listed on coinmarketcap right now.
Um, what?
Yes, the current market cap of all 1769 coins listed on coinmarketcap is roughly $250 billion.
With Apple's $244 billion cash hoard, they could almost buy every single coin of every single currency listed on coinmarketcap.
Which means, in theory, Apple could buy the entire cryptocurrency industry, with cash!
Put that in your pipe and smoke it.
Stay informed my friends.
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Glad my Apple is outperforming BTC; but would love to see a BTC Rally 😁💰👍💰😁
You and me both!
Interesting speculation, but still on quite thin ice as we all know CoinMarketCap until recently had quite strict limitations on listed coins, so it barely contains small fraction of available cryptocurrencies...
It is true that exchange rate of individual cryptocurrencies would sky rocket if someone would try to buy large amount of coins in short period of time, but it could also mean that other "sleeping" buyers would try to block the trade by creating more orders just above the price the large buyer is prepared to pay.
In the end the takeover could fail due to too many new investors entering the market and repeatedly increasing the exchange rate until the exchange would crash or freeze under stress. We all know the Slashdot effect...
Of all the cryptocurrencies on exchanges, I believe coinmarketcap has just about all of them, no?
Like I said CMC didn't previously accept cryptocurrencies with relatively low trading volume. After their policy change, cryptocurrency developers have to explicitly ask CMC to review their coin before it is added to CMC.
Can't buy my btc not for sale lol they can pay $1million for 1 off me lol
I imagine you are not the only one that would say something similar.
Gives the market a bit of perspective. Seems that maybe we are very far from a bubble, long way to go before it is over bought.
Yes that is certainly true. We just need to get out of this bearish pattern first though.
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I guess soon it will be 10 trillion and btc will be 2 trillion
That would be nice. Novogratz mentioned $20 trillion for the entire crypto asset class as the top of the bubble in his opinion.
Or, Apple could launch their own cryptocurrency and have Jony Ive design the hardware wallet...
There is that as well.
Its an informative one...👍👍👍
lolz come to think of it it is kind of unbelievable ;)
Yea it really puts into perspective how small this asset class really is.
this is ABSURD
One company could buy the entire asset class... that is absurd.
One company could
Buy the entire asset
Class... that is absurd.
- jrcornel
I'm a bot. I detect haiku.
Yeah seriously, you can say that again... or I guess we could leave that for the haikubot lol
Haha I am not even sure what a haiku is. I seem to say them quite a lot I guess.
Hahah haiku is a japanese three-lined poem that goes by lined syllable count.. pretty sure it goes 5-7-5
if you like to keep it short and sweet, then yeah haiku bot will keep finding you lol