Bitcoin is unstoppable and in the last year its market capitalization has doubled and a few more. The massive flood of capital has meant that the scarce cryptocurrency’s market capitalization now outperforms many large publicly traded companies and even fiat currencies.
The recent wave of purchases was fueled by news that Telsa had acquired $ 1.5 billion worth of BTC. Ironically, the momentum pushed Bitcoin’s market cap beyond that of the Musk-led automaker. These are the few companies and assets that are still ahead of the first cryptocurrency.
Bitcoin beats Tesla in the race for market capitalization
Bitcoin is an asset that is second to none, and since its inception, it has absorbed all of the capital that comes its way.
Crypto has lured investors away from the stock market and precious metals. Some of the largest capital inflows into Bitcoin are due to outflows from the gold market.
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The recent flood of FOMO was sparked by news that eco-friendly automaker Tesla has added $ 1.5 billion worth of BTC to its corporate balance sheet. Tesla claims the move is intended to diversify cash reserves, but could hurt the company financially if the position turns sour.
The BTC market cap now beats out Tesla and is right behind Tencent | Source: CompaniesMarketCap
What is ironic, however, is that the resulting spike in Bitcoin price has also increased the cryptocurrency’s market cap beyond that of Tesla.
Here are the companies that cryptocurrency could take over next
At $ 848 billion, Bitcoin outperformed Tesla and cemented its position in the top ten assets overall. At the top, only Google, Apple and Microsoft are left. Silver and gold are also on the list, as are Chinese tech company Tencent and the Saudi Arabian Oil Company.
What is also missing from the list is 12 fiat currencies, with the closest being the Swiss franc after the cryptocurrency also beat the Russian ruble.
Bitcoin's market cap is approaching Apple and Gold. | Source: CRYPTOCAP-BTC on TradingView.com
Since the first cryptocurrency has only been around for just over a decade, young and already challenging companies and currencies that have been around for ages, it’s only a matter of time before Bitcoin tops every list of possible assets.
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A market cap of $ 1 trillion will position it above Tencent and, at $ 3 trillion, destroy even the most valuable company in the world. At over $ 10 trillion there will be gold and there will only be currencies left to compete against.
After that, only the status of a global reserve currency would be appropriate for Bitcoin, as all other competitors were beaten for capital.
Featured image from Deposit Photos, Charts from TradingView.com