Bitcoin Flips Silver; Google Next

Overtaking Microsoft would require bitcoin to trade at $153,000.

How long will it be before Bitcoin claim's Google's market cap?

Yesterday, as bitcoin hit a fresh all-time high, the total value of all mined bitcoins exceeded that of all above-ground silver. In short, bitcoin's "market cap" flipped that of silver, at roughly $1.4 trillion.

This made Bitcoin the eighth-largest asset on the planet. Of the seven assets that are larger than Bitcoin, six are companies, ranging in size from $1.7 trillion (Alphabet, Google's parent company) to $3 trillion (Microsoft).

Far above all of these is gold, which has a value close to $15 trillion, as it reaches new all-time highs itself.

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Targeting Alphabet

It's noteworthy that all of the companies at the top of the list are tech corporations, with the exception of Saudi Aramco, Saudi Arabia's state-owned oil company.

Given Bitcoin's current supply of 19,650,000, it will not take much for its market can to leapfrog both Google and Amazon. $93,100/BTC would give Bitcoin a total valuation of $1.83 trillion. Overtaking Saudi Aramco would require bitcoin to trade somewhat in excess of $100,000.

Taking Microsoft's crown at $3 trillion would require $153,000 BTC. That might seem a stretch, at a 2.2x from the prior all-time high of $69,000, but bitcoin has a tendency to move fast when it goes into price discovery mode. Typically, following the break of the old ATH, price doubles within weeks, and often less.

Gold? That's another matter. To overtake gold (which is itself in price discovery mode), Bitcoin would need to manage more than a 10x in price, putting it around $750,000.

The permabulls are already talking about $1 million per BTC for this cycle. But that's a very long way to go. One day, maybe. This cycle? It's hard to imagine what the consequences of such repricing would be for global markets.


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