Cryptocurrency bitcoin is now more valuable than the world’s two biggest payment networks Visa and Mastercard, which have a combined market capitalization of $871 billion.
According to data, bitcoin’s market cap is currently over $1 trillion. The digital coin went from zero to $1 trillion in network value 3.6 times faster than Microsoft.
Bitcoin also achieved a higher valuation than the world’s three biggest banks combined, when it hit an all-time high of $61,700 last week, as its market cap approached roughly $1.15 trillion. The combined market cap of JPMorgan, Bank of America and The Industrial and Commercial Bank of China (ICBC) is $1.08 trillion.
The on-chain analytics resource Ecoinometrics said, as cited by Cointelegraph, that as of March 13, bitcoin equalled 45% of the gold held in investment vehicles and 10% of the physical gold market as a whole. To eclipse gold entirely bitcoin would need to trade at $590,000, it added.
Bitcoin was trading at $54,865 per coin as of 13:26 GMT on Tuesday.
A business that makes nothing but money is a poor business.