Bitcoin’s market cap surpasses Berkshire Hathaway and reaches over $800 billion.
**Bitcoin’s Market Cap Surges Above Berkshire Hathaway, Reaching $800 Billion**
*BTC outshines Berkshire Hathaway*
Bitcoin (BTC), the original cryptocurrency, has seen a significant surge in its market value, surpassing the market cap of American conglomerate holding company Berkshire Hathaway. On December 4, the market cap of Bitcoin soared past $800 billion, overtaking Berkshire Hathaway. This comes as the cryptocurrency’s market cap rose above $780 billion after surpassing Berkshire Hathaway’s $779 billion on December 3.
Berkshire Hathaway’s class A (BRK.A) stock closed the market at $542 on December 1, with a market capitalization of $779 billion. However, it has seen a slight decline recently, slipping 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). The volatility of BRK.A is nowhere near that of Bitcoin, which surged 20% over the past month and almost 150% YTD.
**Bitcoin’s Milestones**
The cryptocurrency has been steadily hitting multi-month highs recently, surpassing $41,000 on December 4 for the first time since April 2022. At the time of writing, Bitcoin’s market cap amounts to $811 billion, 4% higher than the market value of Berkshire Hathaway. According to data from CompaniesMarketCap, Bitcoin is now the 10th biggest asset by market cap, following Meta Platforms (formerly Facebook) and Nvidia.
**Bullish Action and Historical Market Cap**
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 at $69,000. The current bullish action 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.
**Reaction and Commentary**
Cryptocurrency lawyer John Deaton commented on the news by referencing the words of Berkshire Hathaway CEO Warren Buffett, who famously called Bitcoin “rat poison squared” in 2018. Deaton’s comment, “That’s a pretty damn big bottle of rat poison,” underscores the irony of Bitcoin’s market cap surpassing Berkshire Hathaway’s.
Overall, Bitcoin’s remarkable surge in market cap and value has solidified its position as a dominant player in the global financial landscape, and its potential for future growth continues to grab the attention of investors worldwide.
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