Bitcoin Overtakes World's Largest Oil Company in Market Value
Date: 2024-11-22 Author: Henry Casey Categories: CRYPTO PAYMENTS
According to CoinMarketCap, Bitcoin has become one of the world's largest companies by market capitalization, second only to Amazon, but ahead of Saudi Arabian oil corporation Saudi Aramco. BloombergTV APAC Editor-in-Chief David Ingles noted on the social network X that Bitcoin has overtaken the state oil and gas giant by more than $100 billion, which cements its position as one of the most valuable assets on the global market.
The company Meta, which ranks seventh by market value, remains significantly behind Bitcoin with a market capitalization of $1.294 trillion. Despite owning such large assets as Facebook, Instagram and WhatsApp, Meta lags behind the first cryptocurrency by almost $700 billion.
The rapid growth of Bitcoin, according to Bloomberg experts, is associated with the discussion in Donald Trump's team of the possibility of creating a new position in the White House that will regulate the crypto market. These rumors increased the interest of investors and strengthened the position of the cryptocurrency.
The analytical company Glassnode added that the growth in the value of Bitcoin is also caused by a significant inflow of capital into spot ETFs and increased interest from private investors. According to Glassnode, over the past month, more than $62.9 billion has been attracted to the cryptocurrency market, with most of this amount directed to Bitcoin, which remains the leader in the inflow of funds.
Thus, Bitcoin has strengthened its position not only as a digital asset, but also as a significant part of the global economy, surpassing even the largest oil companies in the world.
