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Since news broke that PayPal would support Bitcoin and other cryptocurrencies in the future, the price per BTC and the asset’s overall market cap have increased. And while PayPal’s support for emerging financial technology is what kicked off the recent bullish momentum, the momentum has taken the cryptocurrency’s maximum market cap beyond the payment giant’s own valuation. Next on the Bitcoin list? VISA, Mastercard, JP Morgan Chase, gold, dollar and the rest of the financial world.
Bitcoin’s market cap is now larger than PayPal, moving closer to VISA, Mastercard and major banks
Weeks ago, online payments pioneer PayPal announced that it would offer support for buying, selling and storing major cryptocurrencies Bitcoin, Litecoin, Ethereum and Bitcoin Cash to its 346 million users.
To put that into perspective, at the supply limit of 21 million BTC or 84 million LTC, if every user wanted a Bitcoin or Litecoin, it would be enough for each person to own 0.06 and 0.024 respectively. The news helped push Bitcoin’s market capitalization to higher than PayPal’s, even as PYPL shares set an all-time record in the news as well.
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Based on supply versus demand, it’s easy to see why the cryptocurrency market would respond so bullishly to news of such exposure through a payment giant. In some ways, it also shows that these companies that once dominated digital money are conceding to Bitcoin.
The “if you can’t beat them, join them” attitude is spreading elsewhere too.
#Bitcoin leaving PayPal in the rearview mirror.
Later MasterCard and JPMorgan Chase at around $ 17500 per BTC.@assetdash pic.twitter.com/hTWNQWAvqG
– Daniel Frumkin (@dfrumps) November 5, 2020
The market capitalization of cryptocurrencies continues to grow, then points to gold and the dollar
Earlier this year, even VISA revealed its plan to “advance” its approach to digital currencies and pledged to weave the technology into its massive payment networks. VISA and competitor Mastercard could be two of Bitcoin’s next victims in terms of hindering their market capitalization.
From the tweet above, Bitcoin has added another $ 10 billion to its market cap, making it an even tighter run between it, Mastercard and JP Morgan Chase & Co.
After eliminating PayPal, and subsequently the first of the two major credit card providers, it could move on to take on a huge bank that once destroyed the mere existence of cryptocurrency.
Comparing each market cap shows just how close Bitcoin is to beating these financial giants at their own game | Source: CRYPTOCAP-BTC on TradingView.com
If more banks keep falling on Bitcoin, what are you aiming for? Bitcoin could therefore aim for gold’s market cap, which is over $ 10 trillion. This would bring the price for BTC to around $ 500,000.
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The first ever cryptocurrency could also become the global reserve currency, eliminating the dollar and absorbing all fiat value around the world. It might sound fanatical now, but when the crypto asset was trading at under 10, if anyone had claimed in ten years that they would accept PayPal, VISA and Mastercard, they would have told you to shut up and pass the slice of pizza they have just paid 10,000 BTC.
Featured image from Deposit Photos, Charts from TradingView.com
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