Bitcoin is now bigger than the Bank of America and the New Zealand dollar by market cap

As Bitcoin receives more support from new investors, its market cap has overtaken Bank of America’s market valuation and brought it close to that of PayPal.

According to data from AssetDash at the time of writing this article, Bitcoin’s current market cap stands at just over $ 226 billion, after increasing 3.2% in the past 24 hours. However, Bank of America’s market capitalization has fallen more than 2% today to $ 224.4 billion. This bullish behavior of Bitcoin (BTC) and a slight decline in BoA means that the analysis site ranks BTC as the 25th most valuable asset in terms of market capitalization, just behind PayPal at $ 230 billion.

However, Bank of America was not the only fiat-based institution falling behind the crypto asset today, as it hit an annual high of $ 12,470. FiatMarketCap, a site that tracks the rise of BTC against major fiat currencies, says Bitcoin’s market cap now places it ahead of the New Zealand dollar (NZD).

Bitcoin is now ahead of the site’s estimate for the total number of NZDs in circulation at 346.4 billion, or roughly $ 227 billion. This would make Bitcoin the 34th most valuable of all fiat currencies.

Traditional investors choose crypto

Bitcoin’s price rose dramatically in 2020 as the Federal Reserve pushed for many controversial measures to mitigate the economic impact of the pandemic, prompting many financial figures to consider crypto for the first time.

While billionaire Warren Buffett has made his feelings about cryptocurrencies known – saying they “have basically no value” – others like Jason Williams of Morgan Creek Digital have predicted that the multinational holding company of Buffett’s conglomerate, Berkshire Hathaway, may soon invest in Bitcoin. Williams said the firm’s “young managers and analysts” would make the decision to buy BTC, even if Buffett was unaware of their actions.

Buffett isn’t the only billionaire who potentially sees crypto as a way to hedge his bets in this economy. Paul Tudor Jones, the founder of hedge fund Tudor Investment Corporation, has also remained bullish on Bitcoin since he revealed the crypto asset was part of his portfolio in May.

Another possible new face in the crypto world is Barstool Sports founder Dave Portnoy, who recently spoke to Gemini Exchange founders Tyler and Cameron Winklevoss. With the help of the twin brothers, Portnoy bought $ 200,000 in Bitcoin and $ 50,000 in Chainlink (LINK), some of his first crypto purchases.