In a remarkable milestone for the world’s premier cryptocurrency, Bitcoin has now become the 7th largest asset globally, surpassing the market capitalization of oil behemoth Saudi Aramco and the precious metal silver. This historic achievement underscores Bitcoin’s growing institutional adoption and its status as a legitimate financial instrument.
Bitcoin Nears $2 Trillion Market Cap, Eclipses Tech Giants Tesla and Netflix
According to data from the KobeissiLetter, Bitcoin’s market value has now exceeded the combined worth of electric vehicle leader Tesla and streaming pioneer Netflix.
Currently valued at $1.95 trillion, Bitcoin is just 11% away from crossing the coveted $2 trillion threshold, a feat that would cement its position as a mainstream asset class.
Conversely, Bitcoin’s market cap is now exactly half the size of Nvidia, the world’s largest public company, suggesting that a $100,000 Bitcoin price is within reach in the near future.
Institutional Adoption Fuels Bitcoin’s Parabolic Rise
The recent surge in Bitcoin’s price has been largely driven by growing institutional interest and the launch of several Bitcoin-focused exchange-traded funds (ETFs) in the United States.
In just the past week, Bitcoin has seen a staggering $145 billion in new inflows, with BlackRock’s IBIT ETF emerging as the frontrunner by attracting $778.3 million in investments.
Analysts attribute this institutional momentum to pro-crypto policies and the increasing recognition of Bitcoin as a legitimate asset class, paving the way for further mainstream adoption.
