The exchange rate of BTC in dollars tops Google Finance’s list of world currencies, BTC has been strengthening since May against the USDX dollar index.
When bitcoin attracts more interest from institutional investors, the first cryptocurrency is considered among the first in global relevance by Google’s financial information section.
It is a new version of Google Finance that is working in selected countries, such as the United States and Mexico. Several tests are set on the table as the new version is not accessible yet even in countries like Spain, Venezuela, Brazil, or Argentina.
When you enter the tool intending to create comparisons between markets of different categories in Google Finance and choose the category «Currencies», the price of bitcoin (BTC) in US dollars is displayed first on the left and its return in the last 24 hours.
Notably, bitcoin is included in the currency section along with fiat currencies such as the dollar, the euro, and the yen, among others. With this ranking, Google is giving a lot more weight to bitcoin as a currency, and in that condition, its positions reach first place. Bitcoin has different facets, as some consider it a value, similar to a stock; or it can also be seen as a refuge asset.
About the other four currency pairs shown, the euro against the US dollar (EUR / USD) ranks second. They follow USD against the Japanese yen (USD / JPY), the British pound against USD (GBP / USD), and USD against the Canadian dollar (USD / CAD).
Bitcoin is rapidly gaining popularity around the world, according to a study by the Center for Alternative Finance at the University of Cambridge, which reports that more than 100 million people are currently interacting with bitcoin and other cryptocurrencies.
Among the various advantages of bitcoin over conventional currencies, the decentralized nature of its network stands out. This allows you to send and receive payments without third party intervention; this happens quickly and demands low commissions.
Unlike in the conventional financial system, a bitcoin transaction is more resistant to censorship than other currencies. Payments can be sent at any time to any part of the world, without any limits on the amounts or the need for permits.
Bitcoin has received significant signs of interest this year from institutional investors. This past Wednesday a compilation of institutional investments in bitcoin made to date, both in investment funds, such as those made by companies such as MicroStrategy and more recently Square, which are aimed at their treasury reserve funds. In total, 18 companies have acquired 612,944 BTC, equivalent to a little more than 7,000 million dollars.
Another widely used financial information service, Yahoo Finance, also ranks BTC / USD at the top of its currency section. The second place is for Ethereum (ETH) in US dollars; the third goes to the EUR / USD pair.
By: Jenson Nuñez.