As Bitcoin receives more support from first-time investors, its market capitalization has stood above the market value of Bank of America, putting it within striking distance of PayPal.
According to data from AssetDash at the time of this writing, the current market cap of Bitcoin is just over $ 226 billion, after increasing 3.2% in the last 24 hours. Bank of America’s market cap fell more than 2% today to $ 224.4 billion. This Bullish behavior of Bitcoin (BTC) and slight drip in BoA means that the analytics site BTC ranks as the 25th most valuable asset by market capitalization, just behind PayPal at $ 230 billion.
However, Bank of America was not the only fiat-based institution to fall behind cryptocurrencies today, as it reached an annual high of $ 12,470. FiatMarketCap, a site that tracks the rise of BTC against major fiat currencies, states that the Bitcoin market cap now places it ahead of that of the New Zealand Dollar (NZD).
Bitcoin is now ahead of the site’s estimate for the total number of NZDs in circulation at 346.4 billion, or roughly $ 227 billion. This would make Bitcoin the 34th most valuable of all fiat currencies.
Traditional investors choose crypto
The price of Bitcoin has grown substantially in 2020, as the Federal Reserve has moved many controversial measures to reduce the economic impact of the pandemic, leaving many prominent figures in the finance crypto for the first time.
While billionaire Warren Buffett has voiced his feelings about cryptocurrencies – saying they “have no value in principle” – others like Morgan Creek Digital’s Jason Williams have predicted that Buffett’s multinational conglomerate holding company, Berkshire Hathaway, could soon invest in Bitcoin. Williams said “young managers and analysts” at the company would make the decision to buy BTC, even if Buffett was unaware of their actions.
Buffett is not the only billionaire who sees potential crypto as a way to hedge his bets in this economy. Paul Tudor Jones, the founder of hedge fund Tudor Investment Corporation, has also been very bullish on Bitcoin since the release of the crypto-assets was part of its portfolio in May.
Another possible new face to the crypto world is Barstool Sports founder Dave Portnoy, who recently spoke with Gemini exchange founder Tyler and Cameron Winklevoss. With the assistance of the twin brothers, Portnoy bought $ 200,000 in Bitcoin and $ 50,000 in Chainlink (LINK), some of his first crypto purchases.
