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Bitcoin May Surpass Amazon Market Cap Once It Hits $80,000: Bloomberg's Mike McGlone

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Tue, 03/09/2021 - 13:44
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Yuri Molchan
Bloomberg's senior commodity strategist believes that once Bitcoin surpasses $80,000, it will leave behind Amazon by market capitalization
Bitcoin May Surpass Amazon Market Cap Once It Hits $80,000: Bloomberg's Mike McGlone
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Bloomberg's top strategist, Mike McGlone, believes that now that Bitcoin has recaptured its one-trillion-USD market cap, it has a good chance of overtaking Amazon by this metric.

Bitcoin retakes its $1 trillion cap, Tesla left behind, is Amazon next?

Earlier today, the flagship cryptocurrency, Bitcoin, got back above the $1 trillion level by market capitalization value.

At press time, it amounts to $1,003,946,403,682, as per data from CoinMarketCap.

Mike McGlone has tweeted that Bitcoin is now ahead of Tesla by this fundamental metric. Elon Musk's top-tier car production company is in spot 14 with a $540.39 billion cap value.

Bitcoin is in eighth place. The next two assets it has to overtake before surpassing Amazon are Google's Alphabet and silver.

BTC needs $80,000 to surpass Amazon: Mike McGlone

McGlone has shared a chart that shows that once Bitcoin rises to the $80,000 level, it has good chances of overtaking Jeff Bezos' brainchild by market capitalization.

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Related
Bitcoin Is Accelerating in Replacing Gold as Store of Value: Bloomberg's Mike McGlone

"Bitcoin is pushing gold aside as a store of value"

As covered by U.Today on Monday, McGlone stated in his tweet that Bitcoin is pushing gold out of its way as a store of value at a rising pace, and BTC is quickly replacing gold in investors' portfolios.

He tweeted that, since 2017, investors have started to prefer digital gold to the traditional one, although the latter will still be used in jewelry and coin collections.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.