According to Cointelegraph: Remarkably, Bitcoin has ascended to become the 10th largest asset by market cap, outstripping Meta platforms (formerly Facebook) and Nvidia, as its market capitalization surpasses that of American multinational conglomerate, Berkshire Hathaway. The Bitcoin market cap surpassed the $800 billion landmark on Dec. 4 after edging past Warren Buffet's conglomerate the previous day.
As Bitcoin soared beyond the $40,000 level during the weekend, its market cap escalated above $780 billion, just pipping Berkshire Hathaway's $779 billion as of Dec. 3.
Closing at $542 on Dec. 1, Berkshire Hathaway's class A (BRK.A) stock accounted for $779 billion in market cap, as per TradingView data. Despite its recent slide of nearly 1.3% over the last five days, Berkshire Hathaway still commands an elevation of 4.7% over the last 30 days and 14.7% YTD.
On the other hand, Bitcoin volatility is considerably higher than BRK.A. Bitcoin has seen a surge of 20% over the past month and nearly 150% YTD according to CoinGecko. The crypto asset has consistently reached multi-month highs recently, eclipsing the $41,000 mark on Dec. 4 for the first time since April 2022.
As of now, Bitcoin's market cap stands at $811 billion, 4% more than Berkshire Hathaway's market value. Founded in 1839, Berkshire Hathaway is a multinational conglomerate headquartered in Omaha, Nebraska. Its principal business is insurance, supplemented by investments in an array of companies, including Apple and Bank of America.
John Deaton, a cryptocurrency lawyer, responded to the news through a comment on X (formerly Twitter), wittily remarking, “That’s a pretty damn big bottle of rat poison.” This references Warren Buffet's infamous statement, where he dubbed Bitcoin as "rat poison squared" in 2018.
Meanwhile, CompaniesMarketCap data demonstrates that Bitcoin now stands as the 10th largest asset by market cap, following Meta Platforms and Nvidia, whose market caps are $834 billion and $1.2 trillion respectively.
With Bitcoin's market cap soaring past $800 billion, it now stands just 38% off its all-time high market value achieved in November 2021, involving a closing price of $69,000 for BTC.
This bullish trend might herald the second instance in Bitcoin's history where its market cap surges past the $1 trillion mark, with the last event occurring in February 2021, when the price hit $53,700.
