Bitcoin has reached a significant milestone, becoming the 8th largest asset globally. This digital currency surpassed silver in market capitalization, fueled by increasing institutional interest and recent political events.
Bitcoin's History and Market Capitalization
In 2008, Satoshi Nakamoto published the Bitcoin whitepaper, but the network launched in 2009. Despite initial skepticism, Bitcoin now has a market cap of $1.756 trillion, surpassing silver and becoming the 8th largest global asset. This marks Bitcoin's acceptance alongside giants such as gold, Apple, and Microsoft.
Institutional Investors' Role and ETF Support
Bitcoin has gained traction with institutional investors through new financial products and ETFs. In 2023, the US SEC approved several Bitcoin ETFs, fostering its growth. This development helped Bitcoin overtake silver in asset rankings.
Recent Price Surge and Economic Policy Impact
On Monday, Bitcoin surged to nearly $89,000, contributing to its market cap surpassing silver. This was influenced by expectations of friendlier regulations under Donald Trump's presidency. Institutional interest is further heightened by companies like MicroStrategy expanding their Bitcoin holdings.
Surpassing silver solidifies Bitcoin's position globally as a significant asset. Its recognition among major investors and ETF backing indicates its potential for further growth and integration into the global financial system.
