Bitcoin is now worth more than Visa and Mastercard combined

WikiBit|2021-03-17

एब्स्ट्रैक्ट:Bitcoin has beaten both Visa and Mastercard, as well as the three biggest banks in the world by market cap.

William Suberg

13 hours ago

Bitcoin is now worth more than Visa and Mastercard combined

The largest cryptocurrency also recently beat the world's three biggest banks by market cap, data confirms.

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Bitcoin (BTC) did more than hit $60,000 per coin last week — it also became worth more than the worlds three biggest banks combined.

According to publicly available data, the largest cryptocurrency surpassed the three highest-valued global banking giants by market capItalization.

Bitcoin market cap blasts past financial stalwarts

At its all-time highs of $61,700, Bitcoins market cap was roughly $1.15 trillion. The combined market cap of JPMorgan Chase, Bank of America and the Industrial and Commercial Bank of China is $1.08 trillion.

The achievements do not stop there: Visa and Mastercard, the biggest payment networks, have a combined market cap of $871 billion, also now significantly less than Bitcoin.

Since then, BTC/USD has seen a slight pullback, bringing its market cap down to $1.03 trillion, still holding the significant trillion-dollar-asset title.

That level was previously tipped by analysts as a likely consolidation zone, something that remains the case after Mondays dip took Bitcoin back below its previous all-time high set in late February.

Its ascent, others have noted, is impressive — Bitcoin went from zero to $1 trillion in network value 3.6 times faster than Microsoft, for example.

Hot on gold's heels

Analyzing the market cap data, on-chain analytics resource Ecoinometrics added that as of Saturday, Bitcoin equaled 45% of the gold held in investment vehicles and 10% of the physical gold market as a whole.

To eclipse gold entirely, something that is already a topic of debate among market participants, BTC/USD would need to trade at $590,000.

Bitcoin market cap comparative chart. Source: Ecoinometrics/Twitter

As Cointelegraph reported, meanwhile, both Visa and Mastercard are coming to terms with the need to incorporate Bitcoin in their corporate strategies going forward.

#Bitcoin
#Visa
#Bitcoin Price
#Mastercard
#Markets
#JPMorgan

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