Early September this year Bitcoin’s market capitalization (BTC) was around $ 190 billion when the price of Bitcoin was close to $ 10,000.
However, for the past two months, Bitcoin has been priced above $ 15,000. Bitcoin’s market capitalization increased from $ 190,000 million to around $ 280,000 million. That makes Bitcoin is now more valuable than most large US companies.
According to Coinmarketcap, Bitcoin’s market cap is currently $ 281,267,031,657.
Bitcoin is the 18th largest trading company in the United States.
If you compare the valuation of Bitcoin to that of publicly traded companies in the US, it ranks as the 18th largest company.
The 17th largest US company is Home Depot with a market capitalization of $ 306 billion. Verizon falls behind with a valuation of $ 242 billion, leaving a big void in the middle.
Given Bitcoin’s current market capitalization of around $ 280 billion is bigger than the top 17 companies in the US.
The companies that Bitcoin has surpassed in the past few months include some big names like Netflix, PayPal, BofA, Coca-Cola, Salesforce and Disney.
Bitcoin lags behind the three largest financial institutions in the United States in terms of valuation, namely Visa, Mastercard, and JPMorgan. For the main cryptocurrency to make it into the top three, the price of Bitcoin would have to reach $ 23,000 or a market capitalization of $ 426 billion..
But still, Bitcoin’s price must reach around $ 120,000 to catch up with Apple, the most valuable company in the world with a market capitalization of $ 2 trillion.
Investors are aware of the asymmetrical risk and reward potential of Bitcoin
In the meantime, analysts expect it Bitcoin price will rebound over the course of 2020 and early 2021and waits for BTC to step into pricing and make new highs.
In 2017, the price of Bitcoin hit a new high 15 months after the 2016 halving event, where the reward per block mined was halved. Bitcoin had its last halving in May 2020, so The chances of a new high point in mid-2021 remain high due to historical cycles.
In the long run, cryptocurrency investors and analysts say that perceiving Bitcoin as a permanent store of value would improve its rating.
Tyler Reynolds, a Google and Morgan Stanley alumnus, said Bitcoin was compelling because of its steadfast offering as a hedge against government spending. Wrote What:
“As it unfolds, BTC’s next bullish rally will be led with the same representation OGs have said since 2011: Bitcoin’s stiff supply capitalization makes it a permanent SoV (store of value) Governments devalue their fiat currencies to unrestricted To support government spending. “
Other well-known investors like Billionaire Paul Tudor Jones, hedge fund manager on Wall Street, called Bitcoin an ideal inflation game.
Bitcoin is special attractive to institutions as it could act as hedge within a diversified portfolio At the same time, investors can take advantage of the asymmetrical risk-return potential of Bitcoin.
Bitcoin’s relatively low market capitalization compared to companies like Visa and safe havens like Gold shows this There is considerable scope for further growth over the next ten years.
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