While Bitcoin has rallied millions of percent since its launch in 2008, the asset remains relatively small on a macro scale.
Apple stock surges 11% on Friday to gain more value than BTC's market cap.
At a market capitalization of just over $200 billion, Bitcoin has reached a size where it is being noticed by Wall Street and Main Street alike.
JPMorgan is now servicing cryptocurrency companies, blockchain is a regular topic on CNBC and Bloomberg, and a majority of Americans have heard of Bitcoin at least once.
During Friday's trading session - including after-hours trading - Apple shares rallied by just over 11 percent, bringing the market capitalization of the company to $1.85 trillion as per data from Google.
What's fascinating about this news is that the market capitalization of Apple effectively increased by $200 billion - approximately the value of all BTC currently in circulation.
In a similar vein, the surge in AMAZ shares on Friday approximately added the value of Ethereum's market capitalization to Amazon.
Bitcoin has room to rally in the years ahead. The sheer absurdity of a single company gaining more in value than Bitcoin's entire network value shows how early the industry is and how much potential for growth there is, some investors have commented.
With some reports indicating that upwards of $50 trillion worth of wealth will be transferred by baby boomer parents to the younger generations in the coming years and decades, money may naturally flow towards Bitcoin faster than it ever has before, pushing prices higher.
To the Wall Street veteran and now staunch crypto bull, Bitcoin acts as a "Call option" on the world opting for a digital, refreshed system of finance over the current one.
Apple gained the same value on Friday as Bitcoin's entire market cap
Published on Aug 1, 2020
by Cryptoslate | Published on Coinage
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