By
Steve Muchoki
April 25th, 2024
The market cap of Bitcoin has surpassed that of the 3 biggest banks in the world combined as well as the combined value of Visa and Mastercard.
When Bitcoin value crossed the $60,000 mark, crypto enthusiasts around the world jumped for joy as the leading crypto asset had been trading sideways for the most part of the previous months. However, available information has shown that Bitcoin market cap not only crossed that threshold but its worth also usurped that of the three biggest banks in the world.
According to this data, the market cap of Bitcoin was more than that of JPMorgan, Bank of America and The Industrial and Commercial Bank of China (ICBC). BTC’s market cap was valued at around $1.15 trillion while those of the three banks, combined, was just $1.08 trillion. The biggest payment networks in the world too, Visa and Mastercard, also saw their market cap eclipsed. Their combined value stood around $871 billion which pales significantly against that of the digital gold.
While the value of the asset has since corrected, to around $56,000, its market cap has also dropped to close to $1.03 trillion. Analysts have however highlighted that its current zone could be its consolidation price before we witness another massive rise in price of the digital asset.
Notably, Bitcoin’s ascent into becoming worth over a trillion dollars is faster than some of the biggest tech companies the world has seen. An example of one such company that Bitcoin’s ascent beat is Microsoft. The crypto asset made its climb 3x faster than the company founded by Bill Gates.
The run of Bitcoin also indicates that it is hot on the heels of Gold. While the market cap of the precious metal is still far ahead, the market cap of BTC equaled “45% of the gold held in investment vehicles and 10% of the physical gold market as a whole.”
There are also growing indications that institutions have begun to accept that BTC could be a viable store of value in comparison to gold and other commodities. Already, top financial institutions have begun to look at how they can incorporate the asset into their books and also provide a way their clients can be exposed to it.