Bitcoin Breaks Historic Half A Trillion Market Cap
Google searches for Bitcoin is also reaching its highest point in nearly 3 years, as global interest in BTC is growing daily, both among institutional investors and retail investors.
Bitcoin’s Half a Trillion Dollar Milestone
Bitcoin has for the first time since its inception in 2009 surpassed the symbolic milestone of having over $500 billion in market cap. Half a trillion dollars. Let that sink in for a bit. That is how much Bitcoin is valued at the moment.
“Be Your Own Bank“ is an often recurring slogan for the Bitcoin movement, as the BTC network gives its holders the freedom, ability and uncensorship to send, receive and hold value in a borderless, permissionless and trustless system.
To gain some well needed perspective when speaking of bitcoin vs banks, one can compare Bitcoin to the world’s largest bank, JP Morgan Chase. Today, JP Morgan is valued at $382 billion. Yes, the world’s highest valued bank has an estimated market cap that is roughly $120 billion less than Bitcoin’s market cap. With comparisons like this one can truly start to understand the magnitude of Bitcoin’s rise to prominence in the global financial order, particularly at the expense of legacy financial institutions.
Bitcoin also dethroned world-leading payment processor giant Visa on the list of the world’s largest companies by market cap. Visa has 469 billion in market cap, and Bitcoin’s current market cap would theoretically make it the 11th largest company in the world.
Although there are still companies and assets worth 2, 3 and even 4 times Bitcoin today, the impact of the Bitcoin network amid its rapid rise in under 12 years to become the world’s “largest“ bank as well as bigger than Visa itself will be profound and paradigm shifting.
Bitcoin surpassing Visa’s market cap is highly symbolic given that Bitcoin is a peer-to-peer decentralized payment network and Visa is diametrically opposed Bitcoin as a for-profit company functioning as a 3rd party to settle transactions and payments between two parties.
Bitcoin Rising on Google Trends
As a clear indicator of the turning tide and now mounting wave for Bitcoin on the global scene, is that Google searches for the term “bitcoin” have reached its highest point since February 2018, which is the highest point in nearly three years. However, google searches for bitcoin still have room for growth to reach the last bull run of 2017-18.
That being said, it is important to point out that the current ongoing bull market is entirely different from 2017-18. Then, the value and price increase of BTC and other cryptos were primarily driven retail investors, while today’s market is fueled by mounting institutional interest from hedge funds, billionaires, S&P 500 firms, insurance companies and other banks entering the cryptocurrency scene.
So to conclude, Bitcoin might as well continue its bull run without reaching the levels of “bitcoin“ searches on Google since those who tend to search for bitcoin are usually not in charge of billions of dollars in institutional money.
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Misha Lederman,
Director of Communications and Marketing at klever.io
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