With the price of Bitcoin reaching a whopping $11,818, what can be more fascinating than the fact that it has surpassed not only the Bank of America but also the New Zealand Dollar.
You should note that because of more enthusiastic first-time investors, the valuation of Bitcoin has become even higher than that of Bank of America. So, we can say that Bitcoin has become the leading cryptocurrency, getting closer to the valuation of PayPal.
Taking into account AssetDash data as on 18th August 2020, in a span of the last 24 hours, the market cap of Bitcoin rose by 3.2 percent, therefore its market cap stood at $226 billion. On the other hand, when we talk about the market cap of Bank of America considering the same period, its valuation decreased by 2%, therefore finally it stood at $224.4 billion. So, considering the current market valuation of Bitcoin, according to an analytics site, considering the market cap of Bitcoin, in the list of the most valuable assets, Bitcoin stands at 25 the rank, very close to PayPal.
Suppose you are wondering that Bitcoin has only surpassed only one fiat-based institution (BoA). In that case, you should be aware of the fact that, according to FiatMarketCap, Bitcoin's valuation has also become greater than that of the NZ Dollar.
Now, taking into account the fact Fiat MarketCaps estimate for NZ Dollar, it stands at 346.4 Billion. With that, when we talk about Bitcoin, among the list of most valuable fiat currencies, BTC stands at 34th rank.
Why is Bitcoin's market valuation surging high in 2020?
As said earlier, most of the first-time investors or traditional investors are more looking towards cryptocurrency with a more positive approach. Now, you should understand that during this pandemic, the Federal Reserve took several steps to make sure that more traditional investors or people in finance move towards cryptocurrency.
Now, it is essential to note here that these measures may sound controversial to some, but these steps were only taken to stabilize or improve the conditions of the economy during the pandemic.
Also, Warren Buffet has already said- "Cryptocurrency 'has no value' – 'I don't own any and never will", so this shows that he is not likely to invest in cryptocurrency. On the other hand, it is quite surprising to note that Jason Williams of Morgan Creek feels that multinational company Warren buffet-Berkshire Hathaway is likely to invest in cryptocurrency soon.
In his own words, let us see what he said-" It's the young chiefs and experts that push the gold exchange and BTC exchange. He won't know it when it occurs."
Now, it will be beneficial if you understand that Warren Buffet is perhaps not the only capitalist who is not inclined to investing in cryptocurrency, there are others as well. For instance, Paul Tudor Jones, who is the founder of Tudor Investment Corporation, is also not interested in investing in cryptocurrency.
Then, comes the founder of Barstool Sports, Dave Portnoy, who recently met with Tyler and Cameron Winklevoss, who are the founders of Gemini Exchange.
Dave Portnoy came recently in the spotlight because of his crypto purchases for the first time.
He not only purchased Bitcoin of a total worth of $200,000 but also he bought Chainlink of worth $50,000.
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