The market capitalization of the world’s most popular cryptocurrency, Bitcoin, has soared past the market valuation of Bank of America and is now within a sniffing distance of Paypal’s. The present market capital of Bitcoin is valued at over USD 226 billion as it has garnered a rise of 3.2% in the last 24 hours. On the other hand, the market capitalization of Bank of America in the same period has fallen to USD 224.4 billion. The drop in the market cap of Bank of America puts Bitcoin in the 25th position of the market capitalization ranking. Payap is a shade ahead of USD 230 billion.
Although Bitcoin or BTC has endured a fair share of price fluctuations after its initiation, BTC’s price has risen substantially in 2020. In March 2020, just before the COVID pandemic created havoc in the US, the Central Bank pumped the economy with USD 168 billion. The market cap of Bitcoin then was USD 145 billion. In April, Jeff Bezos, CEO of Amazon, had a total net worth of USD 140 billion, while BTC was at USD 130 billion. But, Bezos has reached a staggering USD 193 million while Bitcoin is now dearer than Bank of America.
It is interesting to note that Bank of America is not that only fiat-based institution to fall behind the crypto asset as it has reached a figure of USD 12,470. The market cap of Bitcoin places it ahead of the New Zealand Dollar also. The co-founder of Morgan Creek Digital has opined that in the future, the market cap of Bitcoin would be more than USD 90 trillion at some point in time.
Many people are still wondering and rightly, so what led to the sudden increase in Bitcoin valuation? The value has considerably appreciated as the Federal Reserve has gone ahead with a few controversial measures to reduce the economic effect of the coronavirus pandemic, thereby forcing many to consider crypto. However, many organizations and billionaires are still skeptical about BTC as they do not find them worthy. Although Warren Buffet is not a big fan of Bitcoin, financial experts have predicted that it is only a matter of time before his firms start spending money on the cryptocurrency.
