With the price of bitcoin peaking at $ 55,555 over several months, it has reverted to a trillion dollar asset, a milestone for bitcoin enthusiasts, because while that doesn’t change much in the short term, it does mean reaffirming a number of positive points that we will review below.
Bitcoin is an asset that cannot be censored
The first and most relevant thing about hitting the billion dollar mark again is that it shows that bitcoin is an asset that even the most powerful countries cannot censor.
In May of this year, China banned bitcoin mining, prompting a massive sale of bitcoins. Later in September, it banned cryptocurrency trading, again putting downward pressure on the price.
Today, with the rebound we are seeing, all the damage that the Asian giant may have caused is completely eliminated. And not only the price has recovered, but also the hash rate and it is already about to leave behind the fall generated by the exit of the Chinese mining network.
Bitcoin is more important than several giant companies
BTC has long been in the top 10 assets by market cap, but now that it has once again surpassed $ 1 billion, now is the perfect time to reaffirm that it is bigger than the tech giants that are Facebook. and Tesla.
It is also larger than the largest mutual fund, Berkshire Hathaway, created by Warren Buffett.
Further down the list are other large companies such as Nvidia, JPMorgan Chase, Visa, Samsung, Alibaba, among others.
Silver is still more important than bitcoin in terms of market capitalization, at 1.26 trillion. Amazon is too, thanks to its 1.6 trillion.
In second place we find Apple, with 2.36 trillion, and the largest of all is still gold, which has a market capitalization of 11.14 trillion.
It does not seem difficult to compete with a single company. Now, beating gold is an uphill struggle.
But, if we take into account the possibility that bitcoin is becoming the last store of value, it is not unreasonable to think that in the long term we could see a 10 times higher capitalization and therefore a 10 times higher price.
Its market leadership is reaffirmed
Although the dominance of BTC has declined, as currencies such as ETH, BNB or ADA have seen their prices rise sharply, they are all far from exceeding the limit of a trillion dollar capitalization.
Given that bitcoin is an asset with such a market capitalization, its strength is more than reaffirmed. Even if new or different cryptocurrencies gain popularity, BTC will remain the undisputed market leader for a long time.
This is highly unlikely to change. They are 12 years of history in constant growth. This is the asset everyone thinks of when it comes to cryptocurrencies, and it will continue to lead the way as adoption of this young technology grows.
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