Have a Bit o’ That
Jamie Dimon’s ‘Drug dealers and murderers’ would have been rejoicing this week as bitcoin surged past $9,700 to hit an all-time high. The cryptocurrency has continued to baffle investors, having grown by more than 17% since Friday alone and is showing no signs of slowing down any time soon.
Whilst 10-day volatility rates hit 100% for the second time in three months, bitcoin has only become more popular globally, the market seemingly undeterred by its rapid growth. Indeed, more mainstream investors are beginning to see the opportunity as too good to miss. CME group have declared they will begin offering futures contracts for the currency and even Mr Dimon’s own JP Morgan Chase have toyed with the idea of helping clients bet on bitcoin in similar fashion.
Looking forward, a fair valuation of Bitcoin remains as elusive as the identity of its creator, however, one thing is certain – it remains a gunslinger’s investment.
China’s growing challenge to US global tech domination was reaffirmed this week as Tencent overtook Facebook and became the first Asian technology firm to surpass the $500bn valuation mark.
Tencent derives the majority of its strength from its WeChat messaging service – the most popular in China, which has close to a billion users. Although not well known outside of China, recently Tencent has been pushing for greater exposure to the European market, notably with its acquisition of a majority stake in Finnish smartphone maker Supercell in 2016.
While not quite at the dizzying heights of Apple, Alphabet or Microsoft, Tencent is in touching distance of Amazon at $546bn and does not look like slowing down, having grown by over 126% so far this year.