Bitcoin (BTC), the pioneering cryptocurrency, is showing a strong performance against major global stocks, recently surpassing the market value of the American multinational conglomerate Berkshire Hathaway. As of December 4, Bitcoin’s market capitalization exceeded $800 billion, edging past Warren Buffett’s renowned company on December 3.
This surge in Bitcoin’s value occurred as it crossed the $40,000 mark over the weekend, bringing its market cap to over $780 billion, marginally higher than Berkshire Hathaway’s $779 billion as of December 3. Berkshire Hathaway’s Class A shares (BRK.A) closed at $542 on December 1, with a market capitalization of $779 billion, as per TradingView data. Despite a recent dip of about 1.3% over five days, Berkshire Hathaway’s stock is still up by 4.7% over the past month and 14.7% year-to-date (YTD).
Bitcoin’s volatility contrasts sharply with that of BRK.A. The cryptocurrency has risen by 20% in the past month and nearly 150% YTD, according to CoinGecko data. Recently, Bitcoin has been reaching multi-month highs, surpassing $41,000 on December 4 for the first time since April 2022.
Currently, Bitcoin’s market cap stands at $811 billion, which is 4% higher than Berkshire Hathaway’s market value. Founded in 1839, Berkshire Hathaway, headquartered in Omaha, Nebraska, primarily focuses on insurance and uses its revenues to invest in a diverse portfolio of companies, including significant stakes in Bank of America and Apple.
Cryptocurrency lawyer John Deaton commented on this development on X (formerly known as Twitter), referencing Warren Buffett’s 2018 description of Bitcoin as “rat poison squared.” Deaton’s remark, “That’s a pretty damn big bottle of rat poison,” highlights the irony of Bitcoin’s recent market cap achievement.
According to CompaniesMarketCap data, Bitcoin now ranks as the 10th largest asset by market cap, trailing behind Meta Platforms (formerly Facebook) and Nvidia, with market values of $834 billion and $1.2 trillion, respectively. With its market cap now over $800 billion, Bitcoin is 38% below its all-time high market value reached in November 2021, when its price neared $69,000.
This bullish trend could potentially lead to Bitcoin’s market capitalization hitting $1 trillion for the second time in its history. The first instance occurred in February 2021 when Bitcoin reached a price of $53,700.
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