Bitcoin Surpasses $70,000, Ranks 9th Among World’s Largest Assets
Bitcoin, the leading cryptocurrency, has recently reached a milestone by surpassing $70,000 and establishing itself as the ninth-largest asset in the world based on market capitalization. This puts it ahead of well-known companies and precious metals. Although it already outperformed silver in terms of market value back in March, Bitcoin still needs to reach $84,740 per coin in order to match silver’s current valuation of $1.67 trillion.
Bitcoin’s market capitalization now exceeds the valuation of Meta (formerly Facebook), which stands at $1.2 trillion, as well as Berkshire Hathaway, with a market cap of $887.57 billion. However, silver has experienced significant growth since March when Bitcoin surpassed its market cap. At that time, silver’s global market capitalization was $1.38 trillion, but it has now risen to $1.67 trillion.
Over the past few months, silver has shown notable growth. On March 11, 2024, when Bitcoin overtook its market cap, silver was trading at $24.70 per ounce. Today, it trades at $29.68 per ounce, reflecting a 20.16% increase against the U.S. dollar over the past 85 days. In order to surpass silver’s market value at present, Bitcoin needs to reach $84,740 per coin, taking into account the current circulation of 19.7 million Bitcoins.
Achieving a higher market cap than Apple would require an even higher price for Bitcoin. To exceed Apple’s valuation of $2.98 trillion, Bitcoin would need to climb to $151,210 per coin. Surpassing Microsoft, the largest company in the world by market cap at $3.092 trillion, would require Bitcoin to reach $156,895 per coin. As for gold, the gap is wider, but still falls short of a million dollars per coin.
To surpass gold’s current market cap of $15.763 trillion, considering the current circulation of 19.7 million Bitcoins, Bitcoin would need to be priced at $800,100 per unit. If we wait until there are 20 million Bitcoins in circulation, Bitcoin would need to be at least $788,400 per coin to exceed gold’s market cap. Finally, assuming all 21 million bitcoins were in circulation, Bitcoin would need to reach $750,860 per coin in order to become the world’s largest asset based on market valuation.
What are your thoughts on Bitcoin surpassing some of the largest market caps worldwide? Do you believe Bitcoin can outshine silver and Apple? Share your opinions in the comments section below.
