Bitcoin hits $2 trillion market cap, now bigger than Tesla, Facebook and Saudi Aramco

Bitcoin has reached the historic milestone of $100,000, its market capitalization surpassing $2 trillion. The surge has been fueled by investor optimism surrounding President-elect Donald Trump’s pro-crypto stance.

According to data available on CoinMarketCap, on Thursday, December 5, Bitcoin’s market cap increased by 6.2% in the last 24 hours to reach $2.03 trillion.

Bitcoin’s market cap now surpasses the GDP of Mexico ($1.85 trillion), Australia ($1.8 trillion), and Spain ($1.73 trillion), and it surpasses the GDP of Russia ($2.18 trillion), Brazil ($2.19 trillion), Canada ($2.19 trillion) is just shy of $0.15 trillion. $2.21 trillion). Previously, Bitcoin also surpassed the market valuations of Saudi Aramco ($1.796 trillion), Silver ($1.791 trillion), Facebook ($1.549 trillion), and Elon Musk-led Tesla ($1.148 trillion), making it the world’s 7th largest asset. .

Meanwhile, the global crypto market cap is now $3.69 trillion, led by Bitcoin, followed by Ethereum ($471 billion), XRP ($139 billion), Tether ($135 billion), Solana ($112 billion), BNB ($105 billion), and Dogecoin ( $64 billion).

The US The rally is seen to be partially fueled by the appointment of well-known crypto advocate Paul Atkins as the incoming chairman of the Securities and Exchange Commission (SEC). Atkins’ leadership is expected to usher in a period of deregulation for cryptocurrencies, making the US a more attractive environment for crypto investments. His previous experience in banking and trading, along with his role as co-chairman of the Digital Chamber of Commerce, makes him a key figure for the development of the crypto industry.

“Paul is a proven leader for common sense rules,” Trump said in a statement, highlighting Atkins’ dedication to “strong, innovative” capital markets. “It also recognizes that digital assets and other innovations are critical to making America greater than ever.”

Also Read: Bitcoin Breaks $100K Barrier! What’s next after this milestone?

Meanwhile, Bitcoin’s rise also follows Russian President Vladimir Putin’s recent comments about cryptocurrencies. During an investment conference, Putin criticized the weakness of holding state reserves in foreign currencies. He pointed to the freezing of $300 billion in Russian assets by Western nations following the Ukraine conflict. “Why accumulate treasures if they can be lost so easily?” Countries should explore alternative assets, including cryptocurrencies, to protect their financial security, Putin asked.

Putin’s remarks also included an endorsement of Bitcoin, saying, “Who can ban it? No one.” He asserted that the decentralized nature of Bitcoin made it immune to political manipulation, further encouraging the use of cryptocurrency in global trade. Putin’s comments come as Russia has made efforts to integrate digital currencies into its economic infrastructure, including legislation supporting crypto mining and cross-border transactions.

Also Read: No One Can Ban Bitcoin: Vladimir Putin’s Remarks That Ended Bitcoin’s $1 Lakh Dream

The global crypto market has responded positively, with Bitcoin’s record performance underscoring a shift in global financial dynamics. Analysts believe that Russia’s key stance towards cryptocurrency could serve as a model for other nations looking to mitigate the impact of sanctions and diversify their economic reserves.

(disclaimer: Recommendations, suggestions, opinions and views given by experts are their own. (These do not represent the views of The Economic Times)