Bitcoin is now the 10th-biggest asset by market cap in the world, with a larger market cap than multiple multi-billion-dollar companies. Its market cap breached $800 billion on Dec. 4, surpassing Berkshire Hathaway on the list of top Assets by market cap. Bitcoin is also ahead of Tesla, Walmart, Visa, and other top companies.
This past weekend, Bitcoin saw a surge north of $40,000 and has been surging over the past month. Stock investors have returned to the crypto train, raising hype for investing in the digital asset industry. The price of Bitcoin erupted 5% higher Monday to a 19-month peak above $42,000. The potential of SEC approval for Spot Bitcoin ETFs is only fueling the fire under Bitcoin and may see the asset surge more as we end 2023 and enter 2024.
Cryptocurrency lawyer John Deaton took to X to comment on the achievement of Bitcoin. “That’s a pretty damn big bottle of rat poison,” Deaton wrote, referring to the words of Berkshire Hathaway CEO Warren Buffett, who famously called Bitcoin “rat poison squared” in 2018. Buffet has been a vocal opposition to Bitcoin, calling it a “Gambling Token” in early 2023.
Bitcoin is just behind Meta Platforms (formerly Facebook) and Nvidia on the list. Meta and Nvidia’s market values currently stand at $834 billion and $1.2 trillion, respectively. Other assets that Bitcoin has surpassed in market cap include HSBC, Mastercard, McDonald’s, and Bank of America.