The combined market caps of Bitcoin and Ethereum now equal South Africa’s GDP.
Following Bitcoin’s price breaching $14,000, its market cap increased to $254 billion.
Ethereum has a market cap of $42 billion, which means their combined market cap is $296 billion.
This is roughly the same as South Africa’s GDP in 2016, which was $295 billion.
Economist Mike Schussler said cryptocurrencies as a whole have gone from a market cap of $14.3 billion to $401 billion over the past year.
He said cryptocurrencies have added the total GDP value of South Africa, Namibia, Botswana, Lesotho, and Swaziland to their market cap, and have increased 28-fold in a year.
The tremendous growth does not mean Schussler endorses Bitcoin as a quality investment, however.
“Most of these currencies mean nothing, and even the most famous one cannot buy you an ice cream,” he said.
He said people are holding their Bitcoin because they fear missing out on this “great investment”.