The pioneer cryptocurrency, Bitcoin, has been showing why it is a trusted investment vehicle in the crypto market. Bitcoin has flipped Berkshire Hathaway in market cap this year, as it did back in 2020 Its recent price surge has planted it ahead of the company run by Bitcoin detractor, Warren Buffet. Bitcoin is now the 9th most valuable asset in the world.
Bitcoin flips Warren Buffet’s Berkshire Hathaway in market cap
Per data from CompaniesMarketCap.com, Bitcoin is now the 9th most valuable asset in the world with a market capitalization of over $809 billion. Bitcoin displaced Berkshire Hathaway which has a market cap of around $704 billion.
The Chairman and CEO of Berkshire Hathaway, Warren Buffet, has long been skeptical of Bitcoin. From as far back as 2018, Buffet has consistently bashed Bitcoin, referring to it as “rat poison squared.” The billionaire investor cites several reasons for his aversion to Bitcoin including the fact that he considers it to have no intrinsic value and is mostly speculative, and that he does not completely understand it. The billionaires’ right-hand man Charlie Munger, also feels the same way about Bitcoin.
“If you buy something like Bitcoin or some cryptocurrency, you don’t have anything that is producing anything. You’re just hoping the next guy pays more. And you only feel you’ll find the next guy to pay more if he thinks he’s going to find someone that’s going to pay more, Buffet told Yahoo Finance.
Despite his doubt, Bitcoin has had a track record of performing well over the years. Bitcoin has been one of the best-performing assets in the last decade.
Bitcoin has been outperforming other top assets
While Berkshire Hathaway is the latest blue-chip asset to go below Bitcoin, the benchmark cryptocurrency has surpassed the market cap of several global conglomerates over the years. Other top names such as Meta, Nvidia, Visa, and Samsung to name a few are all below Bitcoin in ranking.
However, at 9th position, Bitcoin will still face stiff competition from the companies and assets ahead of it. Ahead of Bitcoin are assets like Tesla, Alphabet (Google), Amazon, Apple, and Microsoft. Gold as well is among assets ahead of Bitcoin, currently sitting at the number one position with a market cap of over $11 trillion. Bitcoin proponents believe that ultimately the crypto will surpass Gold’s market cap.
The Bitcoin market, while having suffered several dips since January 2022, is currently on the rise. Bitcoin is currently trading at $42,600, up 26.8% in the last 24 days.