Bitcoin’s Market Cap Overtakes Berkshire Hathaway
Bitcoin (BTC), the original cryptocurrency, has surpassed the market value of American conglomerate Berkshire Hathaway. On December 4, Bitcoin’s market cap reached $800 billion, surpassing Berkshire Hathaway’s market cap of $779 billion.
Bitcoin’s Surge and Berkshire Hathaway’s Decline
Bitcoin’s market cap rose above $780 billion as its price surged past $40,000 over the weekend. Meanwhile, Berkshire Hathaway’s market cap saw a slight decline of around 1.3% over the past five days.
The Volatility of Bitcoin
While Berkshire Hathaway’s stock has experienced relatively stable volatility, Bitcoin has surged 20% in the past month and almost 150% year to date. The cryptocurrency has been hitting new highs, surpassing $41,000 for the first time since April 2022.
Bitcoin vs. Berkshire Hathaway
As of now, Bitcoin’s market cap is $811 billion, which is 4% higher than Berkshire Hathaway’s market value. Berkshire Hathaway is a multinational holding firm primarily involved in insurance and investments in various companies.
John Deaton’s Response
Cryptocurrency lawyer John Deaton commented on the news, referring to Berkshire Hathaway CEO Buffett’s previous statement calling Bitcoin “rat poison squared.” Deaton sarcastically referred to Bitcoin overtaking Berkshire Hathaway as a “pretty damn big bottle of rat poison.”
Bitcoin Ranks Among Top Assets
According to data from CompaniesMarketCap, Bitcoin is now the 10th-largest asset by market cap, following Meta Platforms and Nvidia.
Potential for Bitcoin’s Market Cap to Reach $1 Trillion
With Bitcoin’s market cap surpassing $800 billion, it is now 38% away from its all-time high of $69,000. There is a possibility that Bitcoin’s market capitalization could reach $1 trillion for the second time in its history.
Hot Take: Bitcoin Challenges Traditional Financial Giants
Bitcoin’s growing market cap and success in overtaking Berkshire Hathaway demonstrate the increasing influence and potential of cryptocurrencies in the financial world. As Bitcoin continues to break records and gain momentum, it poses a significant challenge to traditional financial giants like Berkshire Hathaway. This development highlights the shift towards digital assets and the changing landscape of global finance.
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