Bitcoin Eclipses Bank of America & New Zealand Dollar in Market Cap

As Bitcoin marches past $12,000 mark, with support from numerous first-time investors, its market cap has surpassed Bank of America’s, and is currently slightly below that of PayPal’s.

As per AssetDash data, Bitcoin’s market cap is roughly $225 billion, reflecting a gain of 3.2% in the past 24 hours.

On the contrary, Bank of America’s market cap has declined over 2% yesterday to $224.40 billion. The bullish close of Bitcoin (BTC) and price correction in BoA has caused the data analytics page to list BTC as the 25th valuable asset in terms of market cap, below PayPal, which commands a market cap of $230 billion.

Nevertheless, Bank of America is not the only traditional financial asset to drop below the numero uno cryptocurrency as it surged closer to $12,500 level.

FiatMarketCap, a web site that monitors BTC’s appreciation against top investment assets, has highlighted that Bitcoin’s market cap has eclipsed that of kiwi dollar (NZD).

As per the website, the quantum of NZD in circulation is 346.40 billion, worth about $227 billion. This would turn Bitcoin as the 34th most valuable, if placed in the list of fiat currencies.

Bitcoin has skyrocketed in 2020 as the US Fed has implemented numerous questionable steps to minimize the impact of Covid-19 on pandemic, encouraging several eminent personalities to ponder on cryptocurrency for first-time.

Even though crypto critic and billionaire Warren Buffett, who had opined that they “basically have no value,” fund managers such as Morgan Creek Digital’s Jason Williams have predicted that Buffett’s multinational investment firm, Berkshire Hathaway, could start acquiring Bitcoin in the months ahead.

Williams stated that “young managers and analysts” working for Berkshire would soon decide to invest in BTC, even without the knowledge of Buffett.

Buffett is not the only billionaire who is looking at crypto to hedge his bets on other traditional investment assets. Paul Tudor Jones, founder of hedge fund Tudor Investment Corporation, also has a bullish view of Bitcoin. His firm holds Bitcoin in its portfolio, as per disclosure made in May.

Barstool Sports founder Dave Portnoy is also joining the Bitcoin bandwagon soon. Recently, Portnoy had discussion with Gemini exchange founders, Tyler and Cameron Winklevoss. With guidance from the twin brothers, Portnoy made his initial investments in cryptocurrencies – $200,000 worth Bitcoin and $50,000 worth Chainlink (LINK) tokens.