Over the years, Bitcoin has shown immense potential, climbing steadily to hit new price spots. However, this year, BTC has crossed a critical milestone, a price level of $90K, which has helped the token to become the seventh largest asset in the world, surpassing Saudi Arabia’s Aramco Oil Company and other notable assets like Silver.
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Bitcoin Is The 7th Largest Asset In The World
Source: Freepik.com
A recent post by the Kobeissi Letter has brought forth a compelling analysis. The portal outlined how Bitcoin has now become the 7th largest asset in the world, outpacing Saudi Arabia’s Aramco oil and silver. To deliver a perspective on the development, the portal shared how Bitcoin is now larger than Tesla and Netflix combined, with its value peaking at a rapid pace. The token is 11% away from becoming a $2 trillion asset, a one-of-a-kind development in the historic timelines.
“To put this into perspective, Bitcoin is now larger than Tesla and Netflix combined. In the same week, Bitcoin has surpassed the value of both Silver and Saudi Aramco. It’s now just 11% away from becoming a $2 trillion asset for the first time in history. Truly historic.
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The portal later shared analogies that describe Bitcoin’s might and mettle in the mainstream financial domain. The Kobeissi Letter outlined that Bitcoin is also exactly half of Nvidia, which entails that if BTC claims a $185K price mark, it will become larger than all leading public companies in the world.
“Bitcoin is also exactly half the size of Nvidia, $NVDA, the largest public company in the world right now. This means it would take Bitcoin rising to ~$185,000 to become larger than all public companies. At the current pace, it’s possible we will see $100,000+ Bitcoin this week.”
Why Is The Token Surging At A Rapid Pace?
The portal was quick to outline reasons highlighting Bitcoin’s meteoric surge to $90K. The platform labeled the US elections as a key driver fueling the BTC boom. Trump’s pro-crypto stance has reignited hopes within the hearts of crypto enthusiasts, pushing them to stash Bitcoin in hopes of better gains.
“So what’s happening? Since Election Day, Bitcoin has seen record levels of inflows as investors pile into the market. We have seen $145 billion of inflows over the last week alone, not including today. Pro-crypto policies are expected to help drive crypto adoption. Bitcoin was the single BIGGEST winner of the 2024 election, and it’s not even close. So far, 50 out of the 58 candidates for US Congress backed by pro-crypto PACs have won their races. This means that crypto is likely to see more favorable regulatory policies and laws.”
In addition to this, Bitcoin ETFs have also been playing a critical role in surging BTC’s price. The token is already eyeing its next milestone, the coveted $100K price mark.
Per CoinCodex, BTC may touch the $107K price mark by the end of this month if the momentum supports the token’s trajectory.
Image: CoinCodex
“According to our current BTC price prediction, the price of Bitcoin is predicted to rise by 20.32% and reach $ 107,910 by December 14, 2024. Per our technical indicators, the current sentiment is Bullish while the Fear & Greed Index is showing 88 (Extreme Greed). Bitcoin recorded 18/30 (60%) green days with 8.41% price volatility over the last 30 days. Based on the Bitcoin forecast, it’s now a good time to buy BTC.”
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