All of the hot money currently invested in Bitcoin (BTC) is a few billion dollars below Bank of America’s market cap.
Bitcoin’s current market capitalization is just over $ 217 billion. based on Cointelegraph data at press time, while Yahoo Finance shows that market cap Bank of America has just over $ 226 billion. a comparison in a current article from The Next Web.
Bitcoin’s market capitalization is increasing in comparison
Though it has endured its fair share of dramatic fluctuations in price, Bitcoin’s price has risen significantly this 2020, outperforming various asset comparisons.
In March, just before COVID-19 measures turned the world upside down, the United States Central Bank stopped boosted the economy with $ 168 billion in capital. At that point, Bitcoin’s market cap remained close to $ 145 billion.
In April, the CEO of Amazon’s Jeff Bezos announced net worth of around $ 140 billion. with a market capitalization of Bitcoin nearly $ 130 billion. On paper it seemed that Bezos could have bought all of the Bitcoin in circulation to save a few billion dollars although the bulk purchase is likely In real life that would be impossible due to factors such as rising prices and liquidity.
Since then, Bezos’ net worth has reached a staggering $ 193 billion. However, Bitcoin’s capitalization is now higher than $ 217 billion.
The asset could reach astronomical heights
Starring on an August 4th episode of the crossover podcast Peter McCormack, Podcast host What bitcoin did, the co-founder of Morgan Creek Digital, Anthony Pompliano, recently forecast a future Bitcoin market cap of over $ 80 or 90 trillion just before time runs out. However, Pompliano said he was not sure if Bitcoin reached such a market cap that he could see it in life.
As a longtime advocate of Bitcoin, Pompliano has set out his position on Bitcoin on multiple occasions as an asset that does not correlate with traditional markets.