Bitcoin Topples JP Morgan In Terms Of Market Capitalization
Bitcoin has once again achieved a massive fit in the financial market after its market cap rose sporadically to topple that of the largest public bank in the world, JP Morgan. Even though the leading digital assets market cap has since undergone correction, this move means a lot to the proponents and investors.
The surge and subsequent correction now mean that Bitcoin is making its case in the financial market as one asset for the future. Announcing the feat, Twitter handle @companiesmarket shared a post on Twitter where it said that Bitcoin has officially become the largest bank in the world.
Damon’s views about Bitcoin still unchanged
The CEO of JP Morgan, Jamie Damon, has, over the years, had a very bitter relationship with Bitcoin. According to records, the CEO has always shown his displeasure at the leading digital assets as he has branded it as a fraud since 2017.
Ever since the CEO openly showed his hatred for the coin, nothing has changed over the years at the Public Bank. This year seems to have changed Damon’s views about cryptocurrency as a whole after JP Morgan officially announced and launched its digital assets and also announced that it had invested ConsenSys.
In what seems like another turnaround, Damon also took to Twitter to let his followers know that he was still not interested in Bitcoin after tweeting that the leading digital asset has never been and will never be his cup of tea.
After the tweet, Bitcoin has registered a massive increase over the years even though it also declined on some occasions. Presently, the leading digital assets surge is not only seducing its all-time high figure but has also made its mark in terms of market capitalization after it briefly displaced JP Morgan’s market capitalization.
US companies want to use Bitcoin as a hedge against inflation
JP Morgan is presently one of the biggest banks across the United States, with its only rival in size, the bank of china. Now, the public bank boasts of a market capitalization of about $350 billion and currently places 17th on the list of firms that makes up the Fortune 500, just one place ahead of General Motors.
When Bitcoin eventually registered a market capitalization of $351 billion, experts and analysts started to give their candid opinion on the digital asset and the bank. As it stands now, Bitcoin is currently enjoying adoption from all and sundry, including the biggest players on wall street.
Analysts have also pointed to the bitcoin market’s current bull run as the factor behind the recent market capitalization. Most importantly, the sector’s security is now better than it used to be; the sector companies are more transparent, and the people behind it are known.
One of the reasons for the growing adoption and surge in the price of the digital asset has been seen as its possible replacement for Gold. With massive inflation as a result of the stimulus threatening, companies in the US are currently looking for assets that will be a hedge against the incoming inflation.