In a remarkable achievement, Bitcoin (BTC), the world’s foremost cryptocurrency by market capitalization, has surpassed the combined market value of three of the largest global financial institutions. These financial institutions are JPMorgan Chase, Morgan Stanley, and Wells Fargo.
The Spectacular Bitcoin Rise
The aggregate market capitalization of these financial giants stands at $931.62 billion. Leading the pack of three is one of the top banking firms, JPMorgan Chase with a market cap of $573.16 billion. Wells Fargo, with a core interest in investment banking and wealth management, data analytics, and cybersecurity has a market cap of $201.61 billion.
Morgan Stanley, a global force in mergers and acquisitions, investment, and wealth management boasts of $156.85 billion in market capitalization.
In contrast, Bitcoin’s market capitalization has soared to an impressive $1.37 trillion as per CoinMarketCap data. This figure puts Bitcoin ahead by a substantial $438.38 billion. The staggering value of Bitcoin emphasizes its growing dominance and significance in the global financial landscape.
Notably, the digital asset has soared in value since its launch in 2009 by Satoshi Nakamoto.
At just 15 years in existence, Bitcoin has gained acceptance and become widely adopted, particularly in the wake of the spot Bitcoin ETF approval by the U.S. Securities and Exchange Commission, SEC in January.
Traditional Financial Institutions Embrace BTC
Interestingly, in May, the American banking giant JPMorgan Chase revealed it has exposure to spot Bitcoin ETF products from top issuers. These include BlackRock, Fidelity, Grayscale, and Bitwise.
The spot Bitcoin ETF market has stirred up competition among traditional financial institutions looking to hedge some of their funds in digital assets. Canada’s fourth largest bank, the Bank of Montreal in a filing with the U.S. SEC also revealed details about being exposed to spot Bitcoin ETF.
Wells Fargo and Morgan Stanley as well as European banking giant BNP Paribas are other notable traditional financial institutions embracing Bitcoin by investing in spot ETFs.
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