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Bitcoin Attains Market Cap of $814B Higher Than Berkshire Hathaway

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Bitcoin Attains Market Cap of $814B Higher Than Berkshire Hathaway
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Bitcoin (BTC) price saw a significant jump in the trading price and crossed the highly anticipated milestone of $41,000. As a result, the cryptocurrency also achieved a remarkable feat. It surpassed the overall valuation of legendary investor Warren Buffett’s Berkshire Hathaway. This instance solidifies its standing as a formidable asset in the global financial arena. 

The cryptocurrency’s market capitalization exceeded $800 billion on December 4, marking a significant milestone after overtaking Berkshire Hathaway’s valuation on December 3. 

Founded in 1839, the Omaha, Nebraska-headquartered multinational conglomerate, is primarily involved in insurance and holds diverse investments. This includes major entities like Bank of America (BoA) and Apple.

The surge in Bitcoin‘s value was fueled by its price surpassing $40,000 over the weekend, driving its market cap above $780 Billion. This move narrowly exceeded Warren Buffet and the late Charlie Munger’s company’s $779 Billion on December 3. 

Berkshire Hathaway’s class A (BRK.A) stock, closing at $542 on December 1, had a market capitalization of $779 Billion, indicating a stable performance. Despite a slight decline in recent days, BRK.A has seen a 4.7% increase over the past 30 days and a notable 14.7% rise year to date (YTD).

While BRK.A showcases a relatively steady stock with a modest 1.3% decline over the past five days, Bitcoin’s volatility is starkly apparent. Bitcoin experienced a 20% surge in the last month and an impressive 150% increase in YTD, highlighting its dynamic nature. Reaching multi-month highs consistently, Bitcoin broke the $41,000 barrier on December 4, a level unseen since April 2022.

Nitty-Gritty of the Bitcoin Market Cap

Bitcoin’s current market cap stands at $811 Billion, representing a 4% lead over Berkshire Hathaway’s market value.

In response to this development, cryptocurrency lawyer John Deaton humorously remarked on X (formerly Twitter), “That’s a pretty damn big bottle of rat poison,” referring to Warren Buffett’s infamous characterization of Bitcoin as “rat poison squared” in 2018.

Bitcoin’s ascent in market cap positions it as the 10th largest global asset, trailing Meta Platforms (formerly Facebook) and Nvidia, with market values of $834 Billion and $1.2 Trillion, respectively.

With Bitcoin’s market cap exceeding $800 Billion, the cryptocurrency is approaching its all-time high set in November 2021 when it reached $1 Trillion. The current bullish trend suggests a potential revisit to the trillion-dollar milestone.

This unexpected turn of events underscores Bitcoin’s resilience and growing significance in the financial landscape, challenging traditional perceptions and establishing itself among the most valuable global assets. 

As Bitcoin continues its trajectory, the possibility of reaching a trillion-dollar market cap captivates investors and enthusiasts, reshaping discussions on the future of digital assets and their role in the broader economic landscape.

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