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Nexo

Bitcoin Overtakes PayPal Market Cap, Sets Sights On VISA, Mastercard, And Big Banks Next

Tony Spilotro by Tony Spilotro
2 years ago
in Bitcoin
0

Ever since news broke that PayPal would be supporting Bitcoin and other cryptocurrencies in the future, the price per BTC and the asset’s overall market cap has ballooned. And while PayPal’s support of the emerging financial tech is what started off the recent bullish impulse, the momentum has carried the top cryptocurrency’s market cap beyond the payments giant’s valuation itself. Next on Bitcoin’s list? VISA, Mastercard, JP Morgan Chase, gold, the dollar, and the rest of the financial world.

Bitcoin Market Cap Now Bigger Than PayPal, Approaching VISA, Mastercard, and Major Banks

Weeks ago, online payment pioneer PayPal announced it would offer support for buying, selling, and storing major cryptocurrencies Bitcoin, Litecoin, Ethereum, and Bitcoin Cash to its 346 million users.

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To put that into perspective, at the 21 million BTC or 84 million LTC supply cap, if every user wanted a Bitcoin or Litecoin, there would only be enough for each person to own 0.06 and 0.024 respectively. The news helped propel Bitcoin’s market cap to a value higher than PayPal’s, even though PYPL shares set an all-time record also on the news.

RELATED READING | GOOGLE FINANCE NOW LISTS BITCOIN FIRST AHEAD OF TOP FOREX CURRENCIES

Based on supply versus demand, it is easy to see why the crypto market would respond so bullishly to news of such exposure through a payment giant. It also in some way, shows that these corporations that once dominated digital money, are conceding to Bitcoin.

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The “if you can’t beat ’em, join ’em” attitude is spreading elsewhere also.

#Bitcoin leaving PayPal in the rear view mirror.

Next up MasterCard and JPMorgan Chase at about $17500 per BTC.@assetdash pic.twitter.com/hTWNQWAvqG

— Daniel Frumkin (@dfrumps) November 5, 2020

 

Cryptocurrency Market Cap Continues To Grow, Shoots For Gold And The Dollar Next

Earlier in the year, even VISA revealed its plan to “advance” its approach to digital currencies and pledged to interweave the technology into its own massive payment networks. VISA and competitor Mastercard, could be two of Bitcoin’s next victims in terms of hurdling their market cap.

Since the tweet above, Bitcoin added another $10 billion to its market cap, making it an even tighter race between it, Mastercard, and JP Morgan Chase & Co.

After taking out PayPal, and next the first of two major credit card providers, it could move on to taking on a massive bank that once trashed the cryptocurrency’s mere existence.

bitcoin paypal mastercard jp morgan chase market cap banks

Comparing each market cap shows just how close Bitcoin is to beating these financial giants at their own game | Source: CRYPTOCAP-BTC on TradingView.com

If more banks continue to fall to Bitcoin, what does it aim for next? Bitcoin could then shoot for gold’s market cap, which is over $10 trillion. This would bring the price per BTC to around $500,000.

RELATED READING | CAN BITCOIN FIX WHAT TOP ECONOMISTS SAY CENTRAL BANKS CANNOT SOLVE?

The first-ever cryptocurrency could also eventually become the global reserve currency, taking out the dollar and absorbing all fiat value across the globe. It might sound fanatical now, but when the crypto asset was trading at less than 10, had someone claimed in ten years it would be taking on PayPal, VISA, and Mastercard, they’d have told you to shut up and pass the slice of pizza they just paid 10,000 BTC for.

Featured image from Deposit Photos, Charts from TradingView.com
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a digital media executive and global remote work leader with a decade of content experience and excellence. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter and feel free to drop me a line if you would like to work together.

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