According to U.Today, Gabor Gurbacs, strategy advisor at Tether and VanEck, has highlighted Bitcoin's dominance over major banks. With a market capitalization exceeding $1.3 trillion, Bitcoin now surpasses the combined value of the world's top four largest banks. These include banking giants such as JPMorgan Chase, Bank of America, ICBC, Wells Fargo, Agricultural Bank of China, Bank of China, and China Construction Bank. In fact, Bitcoin's market cap is 2.4 times larger than that of JPMorgan Chase alone. This achievement emphasizes the increasing importance of decentralized digital currencies in the global financial landscape.
Gurbacs has challenged the narrative surrounding Bitcoin's success. He questions why journalists often overlook its achievements while focusing on its failures. He argues that Bitcoin's resilience should be compared to the perceived failures of the banking system, especially when its market cap surpasses that of the top four banks combined.
Interestingly, Bitcoin's market capitalization places it among tech giants like Amazon and Meta (formerly Facebook), demonstrating its influence and relevance in the digital age. This position further cements Bitcoin's status as a powerful player in both the financial and technological sectors.
Gurbacs also stresses the need for institutions, including The Fed, to recognize Bitcoin's significance. He contends that ignoring or disrespecting Bitcoin is no longer feasible given its strong presence in the financial landscape.