Bitcoin flippened silver and Saudi Aramco — are Google and Amazon next?
The post Bitcoin flippened silver and Saudi Aramco — are Google and Amazon next? appeared on BitcoinEthereumNews.com.
On Wednesday, the market capitalization of bitcoin exceeded Saudi Aramco, the world’s largest oil company. According to CompaniesMarketCap, a popular leaderboard that excludes many private assets, bitcoin ‘flippened’ the company for a few hours during Wall Street’s lunchtime. That achievement came mere minutes after bitcoin surpassed a popular albeit imprecise measure of the world’s mined silver: 1,751,000 metric tonnes. Although bitcoin’s retracement to a $1.7 billion market cap on Thursday reinstated the $1.8 trillion Saudi Aramco to its higher rung, bitcoin is still higher than silver and very close to re-flippening Saudi Aramco. In any case, Bitcoiners are already looking past the oil giant and precious metal. Scanning toward the top of the list, they are seeking their next target to flippen. Historic moment: bitcoin’s market cap just exceeded that of all the aboveground silver, the noble metal used as money for over 4,000 years. pic.twitter.com/4rw3wibXYP — Tuur Demeester (@TuurDemeester) November 12, 2024 Above Saudi Aramco on the leaderboard sit Google, Amazon, Microsoft, Apple, NVIDIA, and gold. Which of these will bitcoin flippen next? The next assets for Bitcoin to flippen Because assets on CompaniesMarketCap are marked-to-market on a daily basis with changing prices, their rank fluctuates periodically. Nevertheless, as of publication time, the easiest asset to surpass on that list is Alphabet (Google) with its $2.1 trillion market cap. Bitcoin would need to rally 23% from its current value to surpass that company and rank sixth on the leaderboard. Close to that number is Amazon, just $0.1 trillion higher than Google as of publication time. A 29% rally for bitcoin from today’s $87,600 price would outrank Amazon. Above that number is rarified air. At the exosphere of public companies is NVIDIA at $3.6 trillion — more than double the size of bitcoin. Atop the leaderboard is gold, the world’s…
Filed under: News - @ November 15, 2024 11:28 am