Bitcoin now ranks among the world’s largest corporate stocks and currencies in light of its latest all-time high.
Race to the Top
On Dec. 16, Bitcoin reached a new all-time high above $21,000, with a total market capitalization of $390 billion.
The leading cryptocurrency now ranks at #13 when compared against the market capitalizations of the largest corporate stocks. Though it is still smaller than the biggest tech companies, Bitcoin has overtaken the world’s largest bank, JP Morgan & Chase Co., as well as household names like Mastercard and Disney.
Moreover, if BTC manages to break above $25,000, it would reach parity with the world’s largest payment processor, Visa, at $460 billion. Its price would need to surpass $28,000 to enter the top ten ranks, or surpass $42,500 to enter the top five listings.
Bitcoin is unlikely to reach those prices soon. However, a decline in the value of other stocks could help it continue to ascend.
Bitcoin Also Beats Currencies
Bitcoin has also moved up when compared to fiat currencies.
Bitcoin is currently the 15th largest currency when compared to the M1 money supply—a measure of physical currency in circulation plus demand deposits, travellers’ cheques and other checkable deposits. Bitcoin’s current market cap makes the cryptocurrency larger than the entire M1 money supply of Sweden.
Furthermore, BTC ranks 28th against the M2 money supply, between Luxembourg and Poland. The M2 supply measures the total cash, saving account deposits, and convertible near money in mutual funds, stocks, or bonds of various countries.
The key to Bitcoin’s performance may be its liquidity. The liquidity of national currencies is concentrated in a specific region, and traditional stocks also have trading restrictions.
Bitcoin, however, is a global asset without borders, a fact that is likely creating demand and driving up prices.
At the time of writing this author held Bitcoin (BTC) and less than $15 of altcoins.
Original source: https://cryptobriefing.com/bitcoin-among-top-15-stocks-currencies/