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Great news today via Bitcoin Magazine:
Of course, I’m happy with this news, but the terminology being employed in so many places is simply incorrect.
Market capitalization is defined as the market price of a publicly-traded company’s outstanding shares of stock multiplied by the number of outstanding shares.
Bitcoin is not a publicly-traded company, and has no “shares”. Therefore, by definition, Bitcoin cannot have a “market capitalization”.
Better terminology might be: “Market value of all Bitcoins in circulation hits US$1 billion”.
The distinction is important because the use of the term “market capitalization” reinforces the erroneous notion that Bitcoin has some kind of central issuing authority, which it does not.