Bitcoin bombshell: Crypto bellwether’s m-cap nears $1T; higher than combined m-cap of Visa, JPMorgan

The world’s largest financial service Bitcoin is nearing the staggering $1 trillion market cap. The crypto bellwether had crossed the $500 billion-market-cap mark in the second half of December 2020 and is likely to top the $1-trillion milestone in the coming days from the current $913.15 billion, as per the data from CompaniesMarketCap. Moreover, the market cap of the world’s most traded cryptocurrency Bitcoin is now also higher than the combined market cap of the second and third largest financial service players – Visa and JPMorgan Chase valued at $462.93 billion and $430.72 billion respectively, the data showed.

Even as Bitcoin may not be compared with enterprises as the former is a peer-to-peer software system and the latter are for-profit businesses, the digital currency is theoretically the ninth-largest asset in the list globally that included public companies, precious metals, exchange-traded funds, etc. Currently, Bitcoin is even larger than Tesla, Facebook, Alibaba, Berkshire Hathaway, and more. The most valuable asset gold had a jaw-dropping market cap of $11.591 trillion.

Bitcoin on Sunday had topped the $49,000 mark and was trading at $49,065 at the time of filing this report as per the data from CoinMarketCap. As of February 8, 2021, Bitcoin’s share in the $1.5 trillion market cap of 8,452 cryptocurrencies globally was 60.99 per cent while other leading coins including Ethereum, Tether, XRP, Cardano were settled with 15.49 per cent, 2.42 per cent, 1.59 per cent, and 1.72 per cent respectively.

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Meanwhile, as the Indian government is looking to possibly ban cryptocurrencies in the country, Twitter CEO Jack Dorsey had announced on Friday a trust that would invest in the development of Bitcoin with an initial focus on Africa and India. Dorsey is partnering with American rapper Shawn Corey Carter also known as Jay Z for the trust. “Jay-Z and I are giving 500 BTC to a new endowment named ₿trust to fund #Bitcoin development, initially focused on teams in Africa & India. It’ll be set up as a blind irrevocable trust, taking zero direction from us,” Dorsey said.