Bitcoin Emerges as the 9th Largest Asset in the World
Bitcoin (BTC) has surged past $70,000, solidifying its position as the ninth-largest asset in terms of market capitalization. It now surpasses the market cap of Meta (formerly Facebook) valued at $1.2 trillion and Berkshire Hathaway valued at $887.57 billion. However, to match the current market valuation of silver, which stands at $1.67 trillion, Bitcoin must reach a price of $84,740 per coin.
March witnessed Bitcoin surpassing silver's market cap, which was valued at $1.38 trillion at the time. Since then, silver has experienced significant growth. On March 11, 2024, when Bitcoin overtook its market cap, silver was trading at $24.70 per ounce. Presently, it trades at $29.68 per ounce, reflecting a 20.16% increase against the U.S. dollar over the past 85 days. To surpass silver's market value, Bitcoin would need to reach $84,740 per coin, considering the current circulation of 19.7 million Bitcoins.
Exceeding the market cap of Apple would require a substantially higher price for Bitcoin. To surpass 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 valued at $3.092 trillion, would require Bitcoin to reach $156,895 per coin. The gap with gold is even wider, but still falls below a million dollars per coin.
To surpass gold's current market cap of $15.763 trillion, with the current circulation of 19.7 million Bitcoins, Bitcoin would need to be priced at $800,100 per unit. If we consider a scenario where 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 to become the world's largest asset in terms of market valuation.
What are your thoughts on Bitcoin surpassing some of the largest market caps globally? Do you believe Bitcoin can outperform silver and Apple? Share your opinions on this matter in the comments section below.