Bitcoin Surpasses Berkshire Hathaway, Zooms Past $800 Billion Market Cap Milestone
In a significant milestone for the cryptocurrency world, Bitcoin has soared to become the 10th-largest asset by market capitalization, surpassing the formidable American conglomerate Berkshire Hathaway. As of December 4, Bitcoin’s market cap has surged past $800 billion, marking a remarkable ascent in the financial hierarchy.
Overtaking Warren Buffet’s Berkshire Hathaway
The cryptocurrency’s market cap leaped ahead of Berkshire Hathaway after Bitcoin’s price crossed the $40,000 threshold over the weekend. On December 3, Bitcoin’s market cap surpassed $780 billion, edging past Berkshire Hathaway’s $779 billion market cap based on its class A stock (BRK.A), which was recorded at the close of the market on December 1.
While BRK.A has experienced a slight decline of around 1.3% over the past five days, Berkshire Hathaway has demonstrated resilience, posting a 4.7% gain over the last 30 days and a substantial 14.7% year-to-date increase.
Bitcoin’s Volatility and Stellar Performance
The contrasting volatility between Bitcoin and traditional stocks is evident in recent performance data. Bitcoin has surged by 20% in the past month and an impressive 150% year-to-date, according to CoinGecko. The cryptocurrency has been consistently hitting multi-month highs, recently exceeding $41,000 on December 4, a level not seen since April 2022.
As of the latest data, Bitcoin’s market cap stands at $811 billion, marking a 4% lead over the market value of Berkshire Hathaway. This remarkable achievement comes as Bitcoin inches closer to its all-time high of $69,000, set in November 2021.
Berkshire’s CEO Warren Buffet’s Criticism Echoed
Cryptocurrency lawyer John Deaton shared his thoughts on the news on X (formerly Twitter), referencing Warren Buffet’s infamous comment that Bitcoin is “rat poison squared.” Deaton humorously remarked, “That’s a pretty damn big bottle of rat poison,” highlighting the remarkable growth of Bitcoin in comparison to Buffet’s skepticism.
Bitcoin’s Position in the Market Landscape
CompaniesMarketCap data reveals that Bitcoin is now the 10th-largest asset by market capitalization, following Meta Platforms (formerly Facebook) and Nvidia, with market values of $834 billion and $1.2 trillion, respectively. Bitcoin’s ascent past the $800 billion mark puts it 38% away from its all-time high of $1 trillion, achieved in February 2021 when the price reached $53,700.
Future Outlook and Potential for a $1 Trillion Market Cap
Bitcoin’s recent bullish momentum has sparked speculation about a potential re-entry into the exclusive $1 trillion market cap club, marking the second time in the cryptocurrency’s history. As the crypto market continues to evolve, Bitcoin’s current trajectory underscores its resilience and growing prominence in the broader financial landscape.
