The price of Bitcoin reached 50,000 euros at the end of March, around 10 times more than 12 months ago and 3 times more than the peak reached in December 2017. The 10,000 bitcoins that were paid for two pizzas in 2010 would now be worth some 500 million euros, and the value of all the bitcoins in circulation is approaching 1 trillion euros, a figure that lies between the market capitalisation of Google and Facebook. These are dizzying figures that make us wonder whether we are facing an enormous bubble.
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With the announcement of Libra, Facebook have put the debate about cryptocurrencies and the operation of existing payment systems back on the agenda. After the fall in the value of Bitcoin and doubts about its ability to function as money, many see stablecoins as an alternative with greater potential for adoption.
Dossier
Payment systems: present and future
Dossier
Challenges facing central banks in the post-pandemic world
Markets ended the week in a cautious mood. Stocks were mixed, with European indices suffering moderate losses while the S&P 500 ended largely unchanged after having dipped earlier in the session. The earnings season kicked off with mostly solid results. Bitcoin closed "Crypto week" little changed (Trump signed the GENIUS Act on Friday).