Bitcoin (BTC), a relatively new and groundbreaking financial asset, has experienced remarkable and unparalleled growth throughout its existence.
Introduction:
Since it was created in 2009, Bitcoin has fascinated investors, technologists, and enthusiasts by offering a decentralized digital currency that has transformed the financial landscape and questioned traditional ideas about money.
Bitcoin is ranked as the 12th largest asset globally:
Due to its significant growth, Bitcoin now has a market capitalization of approximately $600 billion as of July 5. If Bitcoin were considered a company, it would be ranked as the 10th largest business in the world based on market valuation.
This would place it behind companies such as Meta Platforms ($732 billion), Berkshire Hathaway ($747 billion), Tesla ($887 billion), and Nvidia ($1.04 trillion).
The world’s largest companies by market cap.
It is worth noting that Bitcoin, launched in 2009, is the youngest asset on this list of largest companies. For comparison, Apple, which is the world’s largest company, was founded in 1976.
Similarly, Microsoft started its journey in 1975, while Tesla, Meta, and Alphabet were founded in 2003, 2004, and 1998 respectively.
Furthermore, it is important to mention that Bitcoin’s current market capitalization of $602 million is approximately half of its highest value reached during the bullish market phase in late 2021. During that time, the price of Bitcoin surged to nearly $69,000, pushing its market value beyond $1.2 trillion.
BTC’s market cap chart since its inception. Source: CoinMarketCap
In recent times, several prominent institutional investors such as BlackRock and Fidelity Investments have submitted applications to introduce Bitcoin exchange-traded funds (ETFs) that trade directly on the market. If these applications receive approval, it would allow investors in the United States to access Bitcoin through established Wall Street firms, potentially encouraging greater adoption of the cryptocurrency by institutional investors.
Considering its ability to surpass its previous peak levels and acknowledging that it has not yet achieved widespread acceptance, Bitcoin has the possibility of becoming one of the most valuable financial assets globally.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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