The difference between the market cap of Bitcoin and the Bank of America isn’t much anymore. This is as a result of the recent increase in crypto prices.
Investments in BTC are some billions of dollars less than that of the Bank of America.
Presently, Bitcoin has a market cap that is more than $217 billion according to Cointelegraph data, while Yahoo Finance reveals that the Bank of America has a market capitalization that is a little bit greater than $226 billion.
Bitcoin’s market cap now better than before
Bitcoin investors are now happier than when their coins depreciated many times in 2018 and 2019. Owing to the increase in BTC prices, many investors in the cryptocurrency are now counting their gains.
Five months ago, shortly before the whole world knew so much about COVID-19, the Central Bank of the U.S injected up to $168 billion to support economic activities in the country. By then the market cap of Bitcoin was close to $145 billion.
Bitcoin’s performance in April was so bad that Amazon CEO Jeff Bezos claimed he could buy all the Bitcoins because his net worth, which was $140 billion, was bigger than Bitcoin’s market cap of $130 billion. Anyway, this wouldn’t have been possible because of the rising price of Bitcoin and its liquidity.
Now, things have changed. Bezos’ net worth rose to $193 billion but Bitcoin’s net worth grew even more and is now somewhere above $217 billion.
BTC’s price can soar even more
One of those that made sure Morgan Creek Digital was created, Anthony Pompliano, said he is sure that someday, Bitcoin’s market cap will surpass $80 or $90 trillion. However, he says this will take several years and he may not even be alive to see it happen.
Pompliano is also one of those who believe that the price of Bitcoin has nothing to do with what happens in the traditional markets.