According to Bloomberg, Bitcoin’s total market cap has surpassed $100B last Friday for the first time before bouncing back. It’s still a historic mark, as Bitcoin got there faster than many U.S. companies.
Like which ones?
According to Bloomberg data, it took Amazon over 15 and Apple – more than 30 years to reach $100 billion market cap. Bitcoin hit the target in less than eight. Also, it’s now worth more than financial companies like American Express ($81 billion) or PayPal. ($84 billion).
Depends on what to compare. There is $8 trillion worth of gold in the world, nearly $15 trillion in Treasury bonds and more than $25 trillion in the U.S. stock market.
What can we learn from it
- Bitcoin surge doesn’t seem to stop, but the factors behind it are not that clear – could easily be the media hype
- Valuation on par with the large corporations might motivate more people to consider cryptocurrency assets – there’s definitely a FOMO sentiment on the market
- Although eventually BTC growth rates will depend more on its adoption and acceptance in various countries.