The Bitcoin price surge put its market cap near $280 billion — an amount comparable to the top eighteen publicly-traded stock market assets.
Bitcoin vs. “Big Five” Tech Companies
Though Bitcoin has climbed through the ranks, it is not at the very top of the list. Stocks more valuable than Bitcoin include the “Big Five” tech companies (Apple, Microsoft, Amazon, Google, and Facebook). Several other household names including Alibaba, Walmart, Visa, Mastercard, and Tesla are also more valuable.
Stocks with a market cap lower than Bitcoin include PayPal, Adobe, Disney, Netflix, Coca-Cola, and other commonplace brands.
To overtake Apple, Bitcoin would need to multiply its value eight times and reach $2 trillion—something that it is unlikely to achieve any time soon.
Outside the stock market, however, Bitcoin is still the cryptocurrency with the highest market cap. This has been the case since Bitcoin was created in 2009, and it will almost certainly remain the case for the foreseeable future.
What Does It Mean for Investors?
Bitcoin’s high market cap is a breakthrough for Bitcoin. However, it may not have much effect on mainstream finance, as Bitcoin is traded on cryptocurrency exchanges rather than stock exchanges. Market caps simply provide a point of comparison.
Stock market investors who want to support cryptocurrency can do so indirectly by purchasing stocks of blockchain-related companies like JP Morgan (JPM Coin), Square (Square Crypto), IBM (World Wire), and Shopify.
Meanwhile, investors who want to actually buy, sell, and spend Bitcoin should do so by purchasing it on a cryptocurrency exchange such as Jubiter.
Disclaimer: information contained herein is provided without considering your personal circumstances, therefore should not be construed as financial advice, investment recommendation or an offer of, or solicitation for, any transactions in cryptocurrencies.