Bitcoin is almost as Big as Bank of America

As per Yahoo Finance, Bank of America’s current market cap holds around $226 billion and with no shock at all Cointelegraph’s data states that Bitcoin’s current market cap is also somewhere close to $217 billion. 

Right before the Covid-19 outbreak took the entire world for a roller coaster ride and had power countries governments announcing economic stimulus packages, the Bitcoin’s market cap held at roughly $145 billion. 

Cryptocurrency has gained great trust amongst the younger generation, because o which past few months have witnessed huge investments flowing towards Bitcoin by Millennials, Boomers and Gen x too. 

While in April when Bitcoin’s market cap held at $135 billion, at the same time Amazon’s CEO Jeff Bezos net worth was approx $140 Billion. Comparing it today Bezos’ net worth has reached $193 billion while Bitcoin has hiked up to $217 Billion.

Bitcoin has seen great fluctuations in its price but with no shock it has only witnessed growth since the beginning of 2020. As per Anthony Pompliano, co-founder of Morgan Creek Digital Bitcoin happens to be an asset that is uncorrelated with mainstream market. 

He forecasted the Bitcoin Market Cap to reach at $80 or $90 trillion at some point but also said that most likely this won’t happen within his lifetime. 

Miners have to process blocks of transactions to introduce new Bitcoins to the market. New Bitcoins are allowed to be created at the fixed rate as per the Bitcoin protocols. 

This procedure sometimes results in a heavier demand for Bitcoin as compared to its supply, which is turn leads to an increase in the price. 

The supply of Bitcoin will be impacted greatly over the time as there is a limit to how many Bitcoins can exist in system. Currently the limit is set at 21 million. Supply of Bitcoin had already reached 18.1 million in December 2019 itself which means once the number reaches 21 million, mining activities will cease to create any new Bitcoins. 

At that point the price of Bitcoin will majorly depend on whether is usable, legal and in demand. Any artificial inflation will have no impact on its price. 

You must also know that at the rate of adjustment for Bitcoin introduction as set at a pace that 21 millionth Bitcoin will only be introduced by year 2140 and not before that.

Read more: Bitcoin getting stronger, not going anywhere: US Congressmen

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