Bitcoin Market Cap Surpasses Tesla, Here’s Which Companies Are Next

Bitcoin is unstoppable and in the last year its market capitalization has doubled and a few more. The massive flood of capital has meant that the scarce cryptocurrency’s market capitalization now outperforms many large publicly traded companies and even fiat currencies.

The latest wave of purchases came after news that Telsa had acquired $ 1.5 billion worth of BTC. Ironically, the momentum pushed Bitcoin’s market cap beyond that of the Musk-led automaker. Here’s what few companies and assets are left with before the first cryptocurrency.

Bitcoin beats Tesla in the race for market capitalization

Bitcoin is an unparalleled asset, and since its inception, it has absorbed all of the capital that comes its way.

Crypto has lured investors away from the stock market and precious metals. Some of the largest capital inflows into Bitcoin are due to outflows from the gold market.

Related reading | Bitcoin overtakes the Russian ruble and is closer to the top ten global currencies

The recent flood of FOMO was sparked by news that eco-friendly automaker Tesla has added $ 1.5 billion worth of BTC to its corporate balance sheet. Tesla claims the move is meant to diversify cash reserves, but could hurt the company financially if the position turns sour.

BTC market cap now beats Tesla, just behind Tencent | Source: CompaniesMarketCap

What is ironic, however, is that the resulting spike in Bitcoin price has also increased the cryptocurrency’s market cap beyond that of Tesla.

Here are the companies that cryptocurrency could take over next

At $ 848 billion, Bitcoin outperformed Tesla and solidified its position in the top ten assets overall. At the top, only Google, Apple and Microsoft are left. Silver and gold are also on the list, as are Chinese tech company Tencent and the Saudi Arabian Oil Company.

What is also missing from the list is 12 fiat currencies, with the Swiss franc coming the closest after the cryptocurrency also beat the Russian ruble.

Bitcoin’s market cap is approaching Apple and Gold. | Source: CRYPTOCAP-BTC on TradingView.com

Since the first cryptocurrency has only been around for a little over a decade, young and already challenging companies and currencies that have been around for ages, it’s only a matter of time before Bitcoin tops every list of possible assets.

Related reading | Executing Bitcoin: Passing Hal Finney’s torch on to Jack Dorsey

A market capitalization of $ 1 trillion will position it above Tencent and, at $ 3 trillion, destroy even the most valuable company in the world. At over $ 10 trillion there will be gold and there will only be currencies left to compete against.

After that, only the status of a global reserve currency would be appropriate for Bitcoin, since all other competitors were beaten for capital.

Featured image from deposit photos, charts from TradingView.com

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