The rise in Bitcoin price on Friday pushed the cryptocurrency beyond Facebook’s market cap. Next, Bitcoin stands for Tesla, Google, Amazon, Microsoft, and then Apple.
Bitcoin outperforms Facebook in market capitalization
Bitcoin’s frequent surge from all-time highs this week has made the cryptocurrency bigger than Mark Zuckerberg’s Facebook.
Bitcoin price broke another all-time high early Friday morning, reaching $ 41,970. At the time of writing, BTC is trading at $ 41,147; Its market cap is approximately $ 770 billion while Facebook’s market cap is approximately $ 752 billion. Cameron Winklevoss, Founder of Gemini Cryptocurrency Exchange, commented:
Bitcoin has outperformed Facebook in market capitalization. It makes sense that a money network would be more valuable than a social network.
List of the largest publicly traded companies by market capitalization compared to Bitcoin. Source: Assetdash.com
The Winklevoss twins have been primary Bitcoin owners since April 2013 when they purchased $ 11 million in BTC, which is a full 1% of all bitcoins at the time. That came less than a decade after the twins sued Zuckerberg in 2004, claiming the Facebook founder stole their idea for the social networking platform while attending Harvard together. The twins won a $ 65 million settlement from this lawsuit and subsequently formed the twins’ cryptocurrency exchange.
Bitcoin developer and educator Jimmy Song wrote: “Bitcoin just flipped Facebook. Do you still think Zuckerberg is the smart one and not Tyler or Cameron? “
Instead of using Bitcoin, Facebook is helping develop the cryptocurrency that was formerly known as Libra. The social media giant first proposed the Libra project in June 2019. It was then redesigned and a new white paper published by the Libra Association, now called the Diem Association. The new design expands the Libra network with stable coins in one currency. In November it was reported that the new cryptocurrency could be launched earlier this year pending regulatory approval.
The Facebook-backed cryptocurrency has caught the attention of many regulators around the world. They fear that the proposed “global stable coin”, given that Facebook has around 2.7 billion users, without a proper legal framework, will reach a size that could undermine their monetary systems. Christine Lagarde, President of the European Central Bank (ECB), recently downplayed Bitcoin as a risk to financial stability, but warned of the risks of globally stable coins like the Diem cryptocurrency.
After Warren Buffett’s Berkshire Hathaway was flipped last week, Bitcoin’s market cap has increased versus Jack Ma’s Alibaba Group Holding, Taiwan Semiconductor Manufacturing (TSMC), Tencent and now Facebook.
The next company to freak out is Elon Musk’s Tesla, which overtook Facebook itself on Thursday. Bitcoin actually briefly surpassed Tesla’s market cap on the same day before Tesla’s stock price jumped in response to a prominent analyst who raised a bear call for the stock. The surge in Tesla’s share price also helped CEO Elon Musk become the richest man in the world and overtake Amazon CEO Jeff Bezos.
After Tesla, Bitcoin will overtake Google, Amazon, Microsoft and then Apple. In terms of asset classes, Bitcoin is close to overtaking silver but has a lot to do before it overtakes gold. Abra CEO Bill Barhydt said:
Bitcoin’s market capitalization has just passed Facebook. There’s a good chance it will get past Apple this year and become more valuable than any other company in the world.
What do you think of Bitcoin overtaking Facebook’s market cap? Let us know in the comments below.
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