Bitcoin hit $1trn market cap faster than Apple, Amazon and Google
Bitcoin (BTC-USD), which recently hit an all-time high above $64,000 (£46,484), is once again worth over $1tn.
The cryptocurrency has reached the milestone much faster than other tech giants including Apple (AAPL), Amazon (AMZN) and Google (GOOGL).
A report compiled by CryptocParrot, a cryptocurrency trading simulator, found that bitcoin reached $1tn twice as fast as Amazon and more than three times faster than Amazon.
Bitcoin took just 12 years to hit the $1trn mark, according to CryptoParrot. Apple needed 42 years to hit the milestone, meaning bitcoin got there 3.5 times faster than the iPhone maker. Amazon took 24 years, double the time it took bitcoin. Google got there in 21 years and Microsoft (MSFT) took almost half a century.
Many market watchers bristle at comparisons between bitcoin's value and private company market caps. Tech companies like Google are, after all, limited stock businesses, whereas bitcoin is a decentralized financial network.
However, both depend on technological adoption for their value. Market capitalisation — the value of all bitcoin in circulation — is a good yardstick for measuring the asset's spectacular rise.
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"Although the technology stocks have soared from last year, none has been able to outperform bitcoin," CryptoParrot said in its report.
"If bitcoin sustains the growth coupled with increased institutional adoption that will lower volatility, the market cap might surpass some mainstream assets. The achievement is possible considering the bitcoin market cap has exceeded other formidable players like Tesla,"
The market value of all bitcoin in circulation hit $1trn for the first time earlier this year, according to data website CoinMarketCap. In December, bitcoin passed Visa (V) to become the world's largest financial network.
Cryptocurrency prices have been fuelled by growing acceptance from mainstream investors and companies over the last 12 months, including Tesla (TSLA) and Mastercard (MA).
The most recent price rally came in anticipation of cryptocurrency exchange Coinbase's hotly tipped US stock market listing.
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