Bitcoin is Almost as Big as Bank of America

Bitcoin is Virtually as Massive as Financial institution of America

All of the speculative capital invested in Bitcoin (BTC) in the intervening time totals only a few billion {dollars} shy of Financial institution of America’s market valuation.

Bitcoin’s present market cap sits simply over $217 billion, in accordance with Cointelegraph information at press time, whereas Yahoo Finance exhibits Financial institution of America’s market cap holding barely over $226 billion — a comparability launched in a current article from The Subsequent Internet. 

Bitcoin’s market cap climbing compared

Though it has endured its fair proportion of dramatic worth fluctuations, Bitcoin’s worth has grown considerably in 2020, rising previous a number of completely different wealth comparisons alongside the way in which.

Again in March, simply earlier than COVID-19 measures turned the world on its head, the USA Central Financial institution pumped the economic system with $168 billion in capital. On the time, Bitcoin’s market cap held close to $145 billion. 

In April, Amazon CEO Jeff Bezos’ touted a web price of roughly $140 billion, with Bitcoin’s market cap close to $130 billion. On paper, it appeared Bezos may have purchased all of the Bitcoin in circulation with a couple of billion to spare, though the mass buy would possible show not possible in actual life resulting from elements equivalent to rising costs and liquidity. 

Since then, Bezos’ web price has reached a staggering $193 billion. Bitcoin’s valuation, nonetheless, stays increased close to $217 billion. 

The asset may attain astronomical heights

In an Aug. four crossover podcast episode with Peter McCormack, host of the What Bitcoin Did podcastMorgan Creek Digital co-founder Anthony Pompliano not too long ago forecasted a future Bitcoin market cap of greater than $80 or $90 trillion sooner or later earlier than the tip of time. Pompliano, nonetheless, mentioned he was uncertain if Bitcoin would attain such a market cap inside his lifetime.  

An extended-time Bitcoin advocate, Pompliano has acknowledged his place many occasions on Bitcoin as an asset uncorrelated with mainstream markets.