Bitcoin has become the sixth-largest asset in the world, surpassing Google in market capitalization with a current value of $2.128 trillion.
Bitcoin’s Market Capitalization Growth
Bitcoin's market capitalization rose due to significant institutional adoption following the launch of bitcoin ETFs. The approval of ETFs by the U.S. Securities and Exchange Commission led to substantial capital inflows. As of June 9, 2023, BlackRock’s iShares Bitcoin Trust, the largest BTC ETF, had attracted over $70 billion in total assets.
Support from Political Figures
Support for Bitcoin from former President Donald Trump has boosted the asset's acceptance. During his campaign, he hinted at a Bitcoin reserve, and upon taking office, he signed an executive order to establish a digital asset stockpile. Analysts believe Bitcoin could surpass $200,000 if the growth trend continues.
Regulatory Scrutiny of Google in the UK
Alphabet is facing increased regulation and antitrust investigations in the UK and EU. The UK Competition and Markets Authority is currently reviewing Google's search and advertising services to assess whether the company should be granted Strategic Market Status. If found violating regulations, the tech giant might face penalties.
The situations surrounding Bitcoin and Google highlight the shifting market dynamics and the significant impact of institutional investments and regulations on assets and technologies.
