SPECIAL ARTICLES
The central banks
response to bitcoin
and cryptocurrency
T
he Group of 7 (G7) accounts for
nearly two-thirds of global wealth
and almost half of the global
nominal GDP. G7 members include the
United States, Canada, Japan, Italy, France,
Germany, and the UK. Consider central
banks response to bitcoin. Although the
bitcoin and cryptocurrency market cap is
30
Core Magazine
approaching $600 billion at the time of this
writing (CoinMarketCap), this amount is
still rather minuscule compared to the $263
trillion of net wealth belonging to the G7.
However, due to the remarkable growth in
cryptocurrency activity, especially in 2017,
will the central banks of G7, China, and
the European Union give it more serious