Bitcoin is almost as big as Bank of America
As cryptocurrency prices continue to climb, Bitcoin’s market capitalization has almost caught up with Bank of America’s.
All of the hot money invested in Bitcoin (BTC) at this time amounts to a few billion dollars below Bank of America’s market capitalization.
Bitcoin’s current market capitalization is just over $ 217 billion, according to Cointelegraph data at press time, while Yahoo Finance shows Bank of America’s market cap at just over $ 226 billion. million, a comparison featured in a recent The Next Web article.
Bitcoin’s market capitalization rises in comparison
Although it has endured its fair share of dramatic price fluctuations, the price of Bitcoin has grown substantially in 2020, beating various wealth comparisons along the way.
In March, just before the COVID-19 measures turned the world upside down, the United States Central Bank boosted the economy with $ 168 billion in capital. At the time, Bitcoin’s market capitalization remained close to $ 145 billion.
In April, Amazon CEO Jeff Bezos announced a net worth of approximately $ 140 billion, with a Bitcoin market capitalization approaching $ 130 billion. On paper, it appeared that Bezos could have bought all of the Bitcoin in circulation with a few billion dollars to spare, although bulk buying would likely prove impossible in real life, due to factors such as rising prices and liquidity.
Since then, Bezos’ net worth has reached an exorbitant $ 193 billion. Bitcoin’s capitalization, however, is now higher near $ 217 billion.
The asset could reach astronomical heights
On an August 4 episode of the crossover podcast with Peter McCormack, host of the What Bitcoin Did podcast, Morgan Creek Digital co-founder Anthony Pompliano recently forecast a future Bitcoin market capitalization of over $ 80 or $ 90 trillion in sometime before the end of time. Pompliano, however, said he was not sure whether Bitcoin would reach such a market cap for him to see it alive.
A longtime Bitcoin advocate, Pompliano has stated his position on Bitcoin many times as an asset uncorrelated to traditional markets.
Disclaimer: This press release is for informational purposes information does not constitute investment advice or an offer to invest. The views expressed in this article are those of the author and do not necessarily represent the views of infocoin, and should not be attributed to, Infocoin.