In just 10 short years, bitcoin has built a market spanning the globe with millions of active participants. It has generated interest and attracted talent away from the largest banks, hedge funds, consulting firms, and technology companies. Yet despite the numbers, it has retained underdog sentiment among major market players relative to its traditional asset peers. I argue that through the lens of the analysis presented, bitcoin’s network is competitive with many developing economies.
Since January 2017 over $2.9 trillion in bitcoin has been traded across dozens of currency pairs on self-clearing exchanges located around the world. Despite the broader market liquidity fragmentation inherent to self-clearing markets as well as a year-to-date bear market in the bitcoin price, trading volume continues its trend of well over 100% year-on-year growth.