BREAKING NEWS: Bitcoin Surpasses $400B Market Capitalization, More Than Any Global Bank
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| Investments made in Bitcoin by major companies like MicroStrategy and Stone Ridge, public support for crypto from prominent financial experts |
Data presented by Bankr indicates that Bitcoin's $421.28 billion market cap is higher compared to any bank globally. The market cap is as of December 17, 2020.
Institutional investors push Bitcoin's market cap to new highs
JP Morgan's $367.82 billion market cap is the largest in the banking sector but trails Bitcoin. ICBC is the second-largest bank with a market cap of $258.07 billion followed by Bank of America at $248.45 billion.
China Construction Bank ranks fourth at $186.81billion with the Agricultural Bank of China caps the top five spot with a market cap of $165.62 billion.
SoftBank ranks in the sixth spot with a market capitalization of $142.2 billion followed by Bank of China at $130.52 billion. Citigroup follows with a market cap of $124.39 billion.
Wells Fargo has a market capitalization of $122.58 billion while the Royal Bank Of Canada ranks in the tenth slot with a market cap of $116.24 billion.
The Bankr report traces the surge in Bitcoin market value over the recent months. According to the research report:
"Investments made in Bitcoin by major companies like MicroStrategy and Stone Ridge, public support for crypto from prominent financial experts, the recent Bitcoin halving, and other factors have also given Bitcoin's price a major boost over the past few months. As the benchmark cryptocurrency, Bitcoin has gotten to a place where institutional investors and banks are legitimately looking at investing in the sector as a defense against currency devaluation."
The full story, statistics and information can be found here: https://bankr.nl/bitcoin-surpasses-400b-market-capitalization-more-than-any-global-bank/