With the rise in the price of Bitcoin to a multi-month high of $ 55,555, it once again became a one trillion dollar asset, a very important milestone for enthusiasts of this market, because although it does not change much in the short term term, it does mean reaffirming a series of positive points that we will be reviewing below.
Bitcoin is an asset that cannot be censored
The first and most relevant thing about reaching the trillion dollars again, is that with this it shows that Bitcoin is an asset that not even the most powerful countries could censor.
In May of this year, China banned Bitcoin mining, triggering a massive coin sale. Later, in September, it banned cryptocurrency transactions, putting downward pressure on the price again.
Now with the rise that we are seeing, everything bad that the Asian giant could have caused is totally eliminated. And not only the price recovered, the hash rate also did and it is about to leave behind the fall that generated the exit of the network of Chinese miners.
Bitcoin’s hash rate makes a full recovery, despite bans in China. Source: Blockchain.
Bitcoin is bigger than several giant companies
BTC has long been one of the 10 largest assets by market capitalization, but now that it has once again exceeded $ 1 trillion, it is a very good time to reaffirm that it is bigger than the giant tech companies Facebook and Tesla.
It is also larger than the largest mutual fund, Berkshire Hathaway, created by Warren Buffett.
Below we find other very important companies, such as, Nvidia, JPMorgan Chase, Visa, Samsung, Alibaba, among others.
Silver is still larger than Bitcoin by market cap, at 1.26 trillion. Amazon is too, thanks to its 1.6 trillion.
In 2nd place we find Apple, with 2.36 trillion, and the largest of all is still gold, which has 11.14 trillion of market capitalization.
It does not seem difficult at all to compete with a company. Now beating gold is uphill.
But, if we take into account the possibility that Bitcoin will gain the position of safeguard of value par excellence, then it is not unreasonable to think that in the long term we could see a capitalization 10 times greater, and consequently a price 10 times higher.
Bitcoin is now an asset of more than a trillion dollars, surpassing large companies such as Facebook, Tesla, or Berkshire Hathaway. Source: 8marketcap.
Its leadership in the market is reaffirmed
Although the dominance of BTC has been declining, while currencies such as ETH, BNB or ADA rose with great price force, all are far from exceeding the milestone of having a capitalization of one trillion dollars.
As Bitcoin is an asset with such a market capitalization, its solidity is more than reaffirmed. Even as new or different cryptocurrencies gain popularity, BTC will remain the undisputed market leader for much longer.
This is highly unlikely to change. They are 12 years of history in constant growth. It’s the asset everyone thinks of when it comes to cryptocurrencies, and it will continue to lead the way as adoption of this young technology continues to grow.
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