Bitcoin Overtakes Berkshire Hathaway in Market Cap
On December 4, Bitcoin (BTC), the original cryptocurrency, achieved a major milestone by surpassing the market value of American conglomerate holding company Berkshire Hathaway. The market cap of BTC rose above $800 billion, overtaking Berkshire Hathaway’s market cap on December 3.
Bitcoin’s Surge
Over the weekend, Bitcoin’s price surged past $40,000, causing the cryptocurrency’s market capitalization to rise to above $780 billion. This increase allowed Bitcoin to surpass Berkshire Hathaway’s market cap of $779 billion on December 3.
Berkshire Hathaway’s Performance
Berkshire Hathaway’s class A (BRK.A) stock closed at $542 on December 1, with a market capitalization of $779 billion. The stock experienced a slight decline of around 1.3% over the past five days. Despite this, Berkshire Hathaway is still up 4.7% over the past 30 days and 14.7% year to date (YTD).
Comparison of Volatility
The volatility of Berkshire Hathaway’s stock is significantly lower than that of Bitcoin. Bitcoin surged 20% over the past month and almost 150% YTD, while Berkshire Hathaway’s stock experienced a relatively modest increase.
Bitcoin’s Market Cap
At the time of writing, Bitcoin’s market cap amounts to $811 billion, which is 4% higher than the market value of Berkshire Hathaway. Founded in 1839, Berkshire Hathaway is a multinational conglomerate holding firm headquartered in Omaha, Nebraska, the United States.
Reaction from the Cryptocurrency Community
Cryptocurrency lawyer John Deaton commented on the news by referencing Berkshire Hathaway CEO Warren Buffett’s infamous statement about Bitcoin being “rat poison squared” in 2018.
Market Cap Ranking
According to data from CompaniesMarketCap, Bitcoin is now the 10th biggest asset by market cap, following Meta Platforms (formerly Facebook) and Nvidia, whose market value currently stands at $834 billion and $1.2 trillion, respectively.
Bitcoin’s Long-Term Performance
With Bitcoin’s market cap surging past $800 billion, the cryptocurrency is now 38% short of its all-time high market value posted in November 2021 when BTC price was closing $69,000.
Potential for $1 Trillion Market Cap
The current bullish action in the market could mark the second time in the history of Bitcoin when its market capitalization would reach $1 trillion. Bitcoin previously broke a $1 trillion market cap in February 2021 at $53,700.
I have over 10 years of experience in the field of cryptocurrency and blockchain technology. I have attended numerous conferences and events around the world, and my work has been featured in major publications such as CoinDesk, Bitcoin Magazine, and Yahoo Finance.
