The evolution of Bitcoin as a high-value asset has been reflected many times in the speed with which the asset has overtaken a large number of existing companies in the financial industry. Against other assets that have taken the title of "store of value", Bitcoin has also shown immense strength to add and retain value faster than these assets.
And as this pattern continues, some industry players in the crypto landscape have taken the time to point out the staggering difference in Bitcoin's value as an asset, but this time, against some of the world's leading companies.
Bitcoin Has Effortlessly Disassembled America's Top Financial Firms
The analytical comparison made by one of the popular members of the cryptocurrency ecosystem, Ran Neuner, recruit to JP Morgan Chase, Bank of America, Wells Fargo, and Citibank, four of America's leading investment and financial services giants, all of which have been around for at least 60 years before the start of Bitcoin. Interestingly, Bitcoin has managed to take the top spot as the most valued asset against three of these firms in just 12 years of its inception.
Bitcoin could still easily unseat JPMorgan in a few years
JPMorgan, the only company to evade Bitcoin with $ 41 billion, could still trade positions with Bitcoin in a few years, given that the process of Bitcoin price maturation is more consistent. This is based on factors like volatility and adoption, all of which have increased every year.
Investing interest in Bitcoin, which has now moved to see investors from other markets turn to Bitcoin as the surrogate asset became a booming channel this year as the US economy had to deal with another recession. The global influx of institutional investment from market-leading firms and investors could simultaneously drive up the value of Bitcoin's price.
Circulating supply, which is the second metric used to measure Bitcoin's market capitalization, will increase as mining activities intensify, thus acting as another boost for Bitcoin's market capitalization. However, it is important to note that Bitcoin's market capitalization is not the most accurate metric for calculating its value.
Ironically, all of the companies mentioned above have bought cryptocurrencies. JPMorgan has started accepting Bitcoin for banking services. Earlier this year, it emerged that the Bank of America was also considering cryptocurrencies like Bitcoin, Ethereum, and Bitcoin Cash as equivalents for cryptocurrency-related transactions.
Clearly, the use of Bitcoin is increasing and banks have no choice but to create policies and models that force them to include cryptocurrencies. In the long term, the amplification of Bitcoin's dominance will continue to be driven by traditional companies.