Bitcoin Becomes the World’s Biggest Bank

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Bitcoin has become the largest bank in the world for the first time, overtaking JP Morgan in market cap after it rose above $18,900. That gave bitcoin a market cap of $350 billion, an all time high, beating JP Morgan’s $349 billion. Some 155 banks are listed, worth a combined nearly $4 trillion, including Citigroup at $107 billion, while Goldman Sachs is at $76 billion. That makes the comparison slightly unfair as these mentioned banks have trillions in assets under management, with bitcoin’s market cap more comparable to assets under management than stock shares which have dividents. Yet bitcoin is also a stock in a way in as far as the holder benefits from rising bitcoin usage, which entails rising demand, with profits so instantly and automatically distributed, rather than depending on what some committee decides. Making this top position in market cap somewhat significant, but also an illustration that…

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