Bitcoin is Now the World’s Second Largest Bank
In roughly 12 years, Bitcoin is now the world’s second-largest bank only trailing JP Morgan and Chase. At spot rates, the BTC market cap stands at $340 billion, $10 billion short of JP Morgan’s valuation. However, it is over $90 billion more valuable than the ICBC Bank of China and over $100 billion more valuable than BAC USA.
Bitcoin has been on a tear in the last few weeks. At spot rates, the coin is now more valuable than some of the world’s leading banks like BAC and ICBC Bank of China. The coin’s market cap trails JP Morgan and Chase’s that is valued at $349 billion. With analysts confident and PayPal opening up its over 300 million users to several cryptocurrencies including Bitcoin in the coming weeks, the coin may rise above $20,000 as its market cap eclipses the US global bank. Bitcoin is to be a value preserving asset (just like gold despite its volatility) and a medium of exchange converting owners into banks through decentralization.
Impact on the BTC Price:
Bullish. The more the Bitcoin price expands the more valuable it becomes and the more it draws attention from the media. Its main value proposition continues to show, garnering support from Wall Street executives and politicians in the United States. At the time of writing, the coin is less than $1,500 shy from its all-time high.
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