New research from Amazon, Microsoft and Microsoft Corp. suggests the virtual currency industry is worth $3.2 trillion, and it’s growing faster than the overall economy.
It’s the latest evidence to show the boom in the virtual world is fueling the broader economy.
Amazon says the value of virtual currencies is worth an estimated $2.5 trillion, Microsoft estimates the market value at $2 trillion and Microsoft estimates it at $1.9 trillion.
The study was released Monday and is based on information provided by the firms to the U.S. Securities and Exchange Commission.
The report covers all virtual currency businesses, including those that accept or store virtual currencies.
Amazon, which has been the world’s largest online retailer and payments system since 2011, says it has more than 400,000 employees and $50 billion in revenue.
The Seattle-based company says it’s the largest seller of physical bitcoins and that it has a global presence of more than 60 countries and territories.
It says the vast majority of its business comes from the United States.
Amazon said its revenue grew by nearly 10% in the first quarter, from $2 billion to $3 billion.
Its share of total U.K. e-commerce grew by more than 10%.
Amazon said it has $1 billion of cash reserves and it will use that money to expand its payments business and expand its payment services.
The company says its customers include banks and credit card companies.
“We believe this report will inform the U,S.
and international communities on the current state of the virtual economy,” Amazon said in a statement.
Microsoft said it had a strong quarter, posting record revenue of $6.6 billion and operating profits of $3 million.
The firm says it saw its virtual currency-based payment business grow by more and more, growing by almost 3x in revenue and 4x in profit per dollar spent.
“Our success in creating a marketplace where merchants can transact and earn revenue for consumers has allowed us to grow faster than we ever have before, which means we have more cash on hand to invest in our businesses,” Microsoft said.
Microsoft says its revenues from its payments service increased by nearly 30% in Q1 to $11 billion, and the company’s share of the global virtual currency market increased from 15% to 19%.
Amazon’s earnings were a surprise.
Its earnings per share were $0.03, up from $0 (per share) in the same quarter a year ago.
The tech giant said its cloud computing business generated $6 million in operating profit, which is up from the $4 million it earned in Q2.
Microsoft’s profit growth rate has been faster than that of other big players, including Apple Inc., Google Inc., Amazon.com Inc., Facebook Inc., and Microsoft.
“Microsoft has consistently outperformed its peers on a per-share basis over the past several quarters, and this report shows why.
We have an even larger and growing customer base that is also using our cloud services, and our revenues are growing,” Amazon chief executive Marc Benioff said in the statement.
Amazon’s market share in the e-shopping space is now higher than it has been since at least 2008.
Microsoft shares have gained more than 13% in 2017.
The virtual currency economy was created when people bought virtual currencies in a way that allowed them to trade them for goods or services without having to go to brick-and-mortar retailers.
But the technology has been used to launder money and steal credit cards.
The U.N. says bitcoin is illegal and has no intrinsic value.
The global economy has grown faster than in recent years because people have adopted the technology to make more money.
That’s partly because virtual currencies are traded without the need for banks or governments to process transactions.
That means they’re harder to trace.
The research shows that the growth of the economy in virtual currencies may be slowing.
Last month, Amazon and other virtual currency companies said they would suspend their operations after U.B.C. imposed restrictions on its trading in the digital currency, including limiting the amount of virtual currency it can buy and selling to consumers.