Bitcoin’s
Market Cap Surpasses That of JPMorgan
Bitcoin’s market capitalization
has kept on going up this week after breaking its all-time high, and its
market cap is now above that of banking giant JPMorgan, whose market cap is
close to the $350 billion mark.
The market capitalization of
the flagship cryptocurrency, in contrast, is now at $356 billion with each BTC trading at about $19,200. While the
price of bitcoin isn’t above its near $20,000 all-time high seen in December
2017, the number of bitcoins in circulation went up since then, making up the
difference.
Blockchain.com data shows that in
December 2017 there were about 16.7 million BTC in circulation, while now
there are 18.546 million BTC. Jamie Dimon, the CEO of JPMorgan, has in the
past had a negative stance on BTC, at one point calling it a fraud. Dimon
later said he regretted calling bitcoin a fraud, but
at a recent conference noted it is “not my cup of tea.”
Despite the CEO’s thoughts on
BTC, JPMorgan has sent a note to investors last month pointing out the
“potential long-term upside for Bitcoin is considerable.”
