Bitcoin is Almost as Big as Bank of America
All the speculative capital invested in Bitcoin (BTC) at the moment totals just a few billion dollars shy of Bank of America’s market valuation.
Bitcoin’s current market cap sits just over $217 billion, according to Cointelegraph data at press time, while Yahoo Finance shows Bank of America’s market cap holding slightly over $226 billion — a comparison introduced in a recent article from The Next Web.
Bitcoin’s market cap climbing in comparison
Although it has endured its fair share of dramatic price fluctuations, Bitcoin’s price has grown substantially in 2020, rising past several different wealth comparisons along the way.
Back in March, just before COVID-19 measures turned the world on its head, the United States Central Bank pumped the economy with $168 billion in capital. At the time, Bitcoin’s market cap held near $145 billion.
In April, Amazon CEO Jeff Bezos’ touted a net worth of approximately $140 billion, with Bitcoin’s market cap near $130 billion. On paper, it seemed Bezos could have bought all the Bitcoin in circulation with a few billion to spare, although the mass purchase would likely prove impossible in real life due to factors such as rising prices and liquidity.
Since then, Bezos’ net worth has reached a staggering $193 billion. Bitcoin’s valuation, however, remains higher near $217 billion.
The asset could reach astronomical heights
In an Aug. 4 crossover podcast episode with Peter McCormack, host of the What Bitcoin Did podcast, Morgan Creek Digital co-founder Anthony Pompliano recently forecasted a future Bitcoin market cap of more than $80 or $90 trillion at some point before the end of time. Pompliano, however, said he was unsure if Bitcoin would reach such a market cap within his lifetime.
A long-time Bitcoin advocate, Pompliano has stated his position many times on Bitcoin as an asset uncorrelated with mainstream markets.
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