Black Friday Sale! Save huge on InvestingProGet up to 60% off

Bitcoin flips Berkshire Hathaway as 10th largest global asset

Published 13/02/2024, 11:11 pm
© Reuters.  Bitcoin flips Berkshire Hathaway as 10th largest global asset
MSFT
-
GOOGL
-
AAPL
-
NVDA
-
SI
-
BRKa
-
META
-
BTC/USD
-
2222
-

Bitcoin’s dominant performance over the past five months has brought the world’s largest cryptocurrency into the 10 largest global assets by market capitalisation after flipping Warren Buffet’s legendary investment vehicle Berkshire Hathaway (NYSE:BRKa).

Bitcoin flipped Berks in the latter half of last week amid a bull run that just pushed the BTC/USD pair above $50,000 for the first time in over two years.

The last time Bitcoin hit these price levels was back in December 2021, at the culmination of an unprecedented cryptocurrency bull run where Bitcoin soared to $69,000.

Following that period, the cryptocurrency markets have been plagued by a series of challenges, including widespread bank runs, insolvencies, fraud trials, and an overarching climate of negativity.

However, things changed in mid-2023 with the growing anticipation of broader access to bitcoin markets through the introduction of spot-bitcoin exchange-traded funds (ETFs).

By January, this anticipation became a reality as regulatory approval was granted to industry giants like BlackRock (NYSE:BLK), Fidelity, Grayscale, and WisdomTree, allowing them to list their ETFs on the regulated US stock market.

The spot bitcoin markets initially remained indifferent to this development, but a positive price shock has since materialised.

Bitcoin’s market capitalisation is currently around $980 billion against Berkshire’s $862 billion.

What else is in the top 10?

A market tracker provided by Companies Market Cap shows gold as the largest asset class across public companies, precious metals, cryptocurrencies and ETFs with a $13.7 trillion market cap.

The remainder of the list is as follows:

  • Microsoft Corp (NASDAQ:MSFT): $3.08 trillion
  • Apple Inc (NASDAQ:AAPL, ETR:APC): $2.9 trillion
  • Saudi Aramco (TADAWUL:2222): $2.04 trillion
  • Google parent Alphabet (NASDAQ:GOOGL) Inc (NASDAQ:GOOG): $1.84 trillion
  • Nvidia Corporation: $1.78 trillion
  • Silver: $1.29 trillion
  • Facebook (NASDAQ:META) parent Meta Platforms Inc (NASDAQ:META, ETR:FB2A, SWX:FB): $1.19 trillion

Values were taken as of Tuesday 13 February.

Read more on Proactive Investors AU

Disclaimer

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.