What Happened: Bitcoin hit all-time highs throughout December, passing the $27,000 level on Dec. 27.
With the rise in the price of the cryptocurrency, bitcoin’s market capitalization has taken it past that of several financial companies.
Earlier in 2020, bitcoin passed JPMorgan Chase (NYSE: JPM) and Mastercard Inc (NASDAQ: MA). Over the weekend, bitcoin’s market capitalization passed $500 billion and made it more valuable than Visa Inc (NYSE: V).
Why It’s Important: According to AssetDash, bitcoin is now the 11th-most valuable asset by market cap, with a $500-billion valuation.
Bitcoin has passed four companies on the list in the month of December.
Up next on the list is Berkshire Hathaway (NYSE: BRK- A) (NYSE: BRK-B), led by legendary investor Warren Buffett. The Oracle of Omaha has been a vocal bitcoin bear.
Buffett once said bitcoin is “probably rat poison squared.”
“In terms of cryptocurrencies, generally, I can say with almost certainty that they will come to a bad ending. If I could buy a five-year put on every one of the cryptocurrencies, I’d be glad to do it but I would never short a dime’s worth,” Buffett told CNBC in 2018.
Berkshire Hathaway ranks 10th on the asset list with a market cap of $535.7 billion.
With 18,583,275 bitcoins out, the price would need to be $28,827 to pass the value of Berkshire Hathaway. With additional bitcoins mined and the cryptocurrency’s continued rise, it could occur very soon.
Via: yahoo fiance