Bitcoin is now the 10th-biggest asset by market cap, following Meta (formerly Facebook) and Nvidia.
3628 Total views 37 Total shares Listen to article Bitcoin (BTC), the original cryptocurrency, is gaining momentum versus global large-cap stocks, overtaking the market value of American conglomerate Berkshire Hathaway. Its market cap breached $800 billion on Dec. 4 after nudging past billionaire investor Warren Buffet’s company on Dec. 3. As Bitcoin surged past $40,000 over the weekend, its market cap rose to above $780 billion, just beating out Berkshire Hathaway’s $779 billion market cap it closed the market with on Dec. 1 (based on its class A stock, BRK.A). BRK.A has seen a slight decline recently, slipping around 1.3% over the past five days. Despite the recent drop, Berkshire Hathaway is still up 4.7% over the past 30 days and 14.7% year to date (YTD). The volatility of BRK.A is nowhere near that of Bitcoin, which has surged 20% over the past month and almost 150% YTD, according to data from CoinGecko. The cryptocurrency has been steadily hitting multimonth highs recently, surpassing $41,000 on Dec. 4 for the first time since April 2022. At the time of writing, Bitcoin’s market cap amounts to $811 billion, or 4% higher than the market value of Berkshire Hathaway. Founded in 1839, Berkshire Hathaway is a multinational holding firm headquartered in Omaha, Nebraska, in the United States. Berkshire’s main business is insurance, from which it invests in a big portfolio of companies, including Bank of America and Apple. Cryptocurrency lawyer John Deaton took to X (formerly Twitter) to comment on the news. “That’s a pretty damn big bottle of rat poison,” Deaton wrote, referring to the words of Berkshire Hathaway CEO Buffett, who famously called Bitcoin “rat poison squared” in 2018. According to data from CompaniesMarketCap, Bitcoin is now the 10th-biggest asset by market cap, following Meta Platforms (formerly Facebook) and Nvidia, whose market value currently stands at $834 billion and $1.2 trillion, respectively. With Bitcoin’s market cap surging past $800 billion, the cryptocurrency is now 38% short of its all-time high $69,000 price posted in November 2021. The current bullish action could wind up marking the second time in the history of Bitcoin that its market capitalization reaches $1 trillion. Bitcoin previously broke the $1 trillion market cap in February 2021 at $53,700.
