According to U.Today, Bitcoin has achieved a significant milestone by surpassing the market capitalization of Saudi Aramco. Earlier today, the price of Bitcoin surged to a new record high of $93,477, as reported by CoinGecko. This comes after Bitcoin recently overtook silver, marking the largest daily gain in its history. The cryptocurrency's remarkable rise has sparked discussions about its potential to surpass other major companies and assets.
Nvidia, Apple, and Microsoft currently hold the top positions as the most valuable individual companies, followed by Amazon and Alphabet. For Bitcoin to surpass Alphabet, its price would need to increase to approximately $107,000. To overtake Apple, Bitcoin's price would have to reach nearly $170,000. Despite these challenges, Bitcoin's rapid ascent has fueled speculation about its future potential.
In the broader context of valuable assets, gold remains the most valuable with a market cap of $17.4 trillion. Galaxy Digital CEO Mike Novogratz has predicted that Bitcoin could surpass gold within the next decade. Novogratz, who also holds gold, suggests that younger generations find Bitcoin more appealing than the traditional yellow metal. This sentiment is echoed by several market analysts who believe Bitcoin is gradually eroding gold's market share. However, Blockstream CEO Adam Back believes that gold will continue to surpass Bitcoin during the current cycle, implying that Bitcoin's price would need to reach $850,000 if gold's price remains stable.
Meanwhile, Bitcoin ETFs are making significant strides, nearing the total assets of gold ETFs. These Bitcoin-related products have now amassed over $90 billion in total assets, highlighting the growing interest and investment in the cryptocurrency market.
