Cryptocurrency’s forerunner, Bitcoin, continues to demonstrate why it is a dependable investment option. Like in 2020, Bitcoin has overtaken Berkshire Hathaway in terms of market value this year. In the wake of the current price spike, it has overtaken the corporation run by Warren Buffet, a Bitcoin denier. As of now, Bitcoin is the world’s 9th most valued asset.
Market capitalization of Bitcoin exceeds that of Warren Buffett’s Berkshire Hathaway
As of this writing, Bitcoin has a market value of $809 billion, making it the ninth most valuable asset in the world. Despite Berkshire Hathaway’s market value of $704 billion, Bitcoin has overtaken the company’s position.
Since its inception, Warren Buffett has been suspicious of Bitcoin, Berkshire Hathaway CEO and Chairman. Buffet has been slamming Bitcoin since at least 2018, calling it “rat poison squared.” One of the reasons the billionaire investor is opposed to Bitcoin is that he believes it has little fundamental value and is largely speculative. He also claims that he does not fully comprehend Bitcoin. Charlie Munger, a billionaire’s right-hand man, shares this view of Bitcoin.
“If you buy something like Bitcoin or some cryptocurrency, you don’t have anything that is producing anything. You’re just hoping the next guy pays more. And you only feel you’ll find the next guy to pay more if he thinks he’s going to find someone that’s going to pay more, Buffet told Yahoo Finance.
Despite his scepticism, Bitcoin has a long history of success. In the last decade, Bitcoin has been one of the best-performing assets.
Bitcoin has outperformed other leading assets in recent months.
Berkshire Hathaway is the latest blue-chip stock to fall below the market value of Bitcoin, although other multinational businesses have eclipsed the value of the cryptocurrency throughout the years. In addition to Meta, Nvidia and Visa, Bitcoin is ranked below many other well-known brands.
Even if Bitcoin falls to ninth place, it will still have to contend with the firms and assets that come before it. Assets such as Tesla, Alphabet (Google), Amazon, Apple, and Microsoft rank higher than Bitcoin. Gold, which has a market value of more than $11 trillion, is also among the most valuable assets in the world. Proponents of Bitcoin predict that the cryptocurrency will eventually overtake the market value of gold.
In spite of multiple drops since January 2022, the Bitcoin market is now rising. Currently, the price of Bitcoin is $42,600, an increase of 26.8% in the last 24 days.
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.