Bitcoin’s market capitalization has surpassed that of the three largest public banks in the world, despite a recent decline.
Investors are awaiting a decision from the U.S. Securities and Exchange Commission (SEC) on a Bitcoin exchange-traded fund (ETF). Bitcoin prices have surged in recent weeks as traders bet that the ETF will be approved.
Ben Lidl, a global markets expert, said that despite being the smallest and newest asset class, it has been the best-performing asset class. He pointed to a long list of catalysts for cryptocurrencies, including changes in bank regulation and the expected easing of corporate ownership as indicators of future growth in the cryptocurrency space.
Bitcoin rose 150% last year, and the market capitalization of the world’s largest cryptocurrency is now $856 billion, representing more than 52% of the total market capitalization of the broader cryptocurrency market.
At this mark, Bitcoin surpasses the combined market capitalization of JPMorgan Chase ($498 billion), Bank of America ($272 billion), and China’s ICBC ($224 billion).
Even the rival cryptocurrency Ethereum, with a market capitalization of $268 billion, has a market capitalization that surpasses many publicly traded banks.
This development is seen as a sign of the growing acceptance of cryptocurrencies as a legitimate asset class.
