Bitcoin BTC/USD has reached a new milestone, surpassing the market cap of silver and becoming the world's eighth-largest asset by valuation.
What Happened: Currently valued at $1.74 trillion, Bitcoin’s swift rise contrasts sharply with the long-standing value of silver, which has a market cap of approximately $1.71 trillion, according to data.
This feat is especially notable considering Bitcoin, launched in 2009, reached this valuation in less than 15 years, while silver, a precious metal valued since ancient times, has accrued value over millennia.
The stark contrast in their timelines highlights Bitcoin's rapid growth and its increasing adoption as a store of value.
This valuation positions Bitcoin just behind global giants in the corporate world.
Amazon AMZN, the e-commerce and cloud computing powerhouse, holds the sixth spot with a market cap of $2.17 trillion, and Saudi Aramco, the state-owned oil giant from Saudi Arabia, ranks seventh with $1.8 trillion.
These companies represent industries with substantial economic influence – Amazon reshaping retail and technology services, and Aramco underpinning the oil-dependent economies worldwide.
Bitcoin, a decentralized digital asset with no central authority, now ranks close to these established corporations in terms of market value.
To understand the significance of Bitcoin’s rapid growth, it helps to compare its timeline to that of leading corporations. Apple APPL, founded in 1976, took over 40 years to reach a market cap of $1 trillion in 2018, eventually reaching a $2 trillion valuation in 2020.
Similarly, Microsoft MSFT, founded in 1975, achieved a $1 trillion market cap in 2019, also taking over four decades to reach this milestone. NVIDIA NVDA, a leader in graphics and AI processing, was founded in 1993 and crossed the $1 trillion threshold in 2023, around 30 years later.
Bitcoin, by contrast, has achieved a market cap of $1.74 trillion in less than 15 years, propelled by rising institutional interest, global adoption, and its unique position as a decentralized store of value.
At the top of the global asset rankings, gold remains the most valuable asset with a market cap of $17.45 trillion, solidifying its status as a traditional store of value held by central banks, investors and nations.
NVIDIA currently sits in second place with a valuation of $3.56 trillion, benefiting from its dominant position in semiconductor technology and artificial intelligence.
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Apple, valued at $3.39 trillion, has built an empire in consumer electronics, software, and services, while Microsoft at $3.11 trillion continues to lead in software, cloud computing, and enterprise solutions.
Alphabet GOOGL) rounds out the top five with a market cap of $2.22 trillion, driven by its leadership in digital advertising, search and various technology sectors.
Bitcoin’s rise now places it firmly within the company of these economic powerhouses, highlighting the cryptocurrency's growing appeal as a financial asset.
Bitcoin's rapid climb to this valuation reflects its increasing appeal among institutional investors, retail participants and companies that view it as a hedge against inflation, economic instability and currency devaluation.
Over the past decade, Bitcoin has shifted from being a niche digital currency to a widely recognized asset.
In recent years, Bitcoin has seen support from major companies, financial institutions, and even government entities adding it to their treasuries or accepting it for transactions.
The recent surge in Bitcoin's price has also been fueled by Donald Trump’s win in the recently held elections , as well as increasing inflows into Bitcoin-related exchange-traded funds (ETFs).
Following the U.S. presidential election, which saw pro-crypto political candidates gain office, demand for Bitcoin has intensified, reaching record levels as investors speculate on further growth and wider acceptance of digital assets.
The implications of Bitcoin's growing value and influence will be further explored at Benzinga's Future of Digital Assets event on Nov. 19.
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© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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