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After several attemps in recent weeks, Bitcoin (BTC) rallied and finally breached the $12K mark eventually reaching a new yearly high. With the token’s appreciation, its market capitalization ballooned as well and is now bigger than banking giant Bank of America.
With the recent rise of Bitcoin’s price, the cryptocurrency’s market capitalization rose to over $226 billion, according to Cointelegraph. The token’s price appreciation also set a new yearly high of $12,470 for BTC.
Bitcoin’s rise in market capitalization also meant that it is now more valuable compared to some of the United States’ largest banks and well known brands. For instance, BTC’s market cap of $226 billion is larger than Bank of America’s market valuation of $224 billion based on data from Assetdash.com.
BTC is now more valuable than some of the world’s most popular brands. These include PepsiCo, which has a market valuation of $190 billion, Coca-Cola ($207 billion), AT&T ($212 billion), Netflix ($212 billion), and Pfizer ($213 billion).
Bitcoin is also now more valuable than the total value of some of the top fiat currencies in the world. BTC is now ranked as the 35th most valuable currency my market cap almost edging out the New Zealand dollars, which is currently ranked 34th, based on data from Fiatmarketcap.com. The is ahead of the Qatari Riyal (36th), Colombian Peso (37th), Moroccan Dirham (38th), Pakistani Rupee (39th), and Kuwaiti Dinar (40th).
However, Anthony Pompliano believes that Bitcoin’s market capitalization still has room to grow. In fact, he believes that BTC’s market cap will be higher than gold by 2029, Cointelegraph reported.
“Bitcoin’s market cap will surpass gold’s market cap by Dec 31, 2029,” Pompliano tweeted. “Posting this as a receipt for the future.”
However, Euro Pacific Capital CEO Peter Schiff quickly responded to Pompliano’s tweet expressing his disagreement to the latter’s prediction. “By 2029 you'll be lucky if the market cap of #Bitcoin still exceeds the market cap of a baseball cap,” Peter Schiff wrote.
Schiff’s skepticism is understandable since, even at its current level of $226 billion, Bitcoin’s market cap is just a tiny fraction of gold’s. At the moment, gold’s cap is about $9 trillion, which makes it around 40 times bigger than BTC’s.
