Bitcoin alone only needs to increase by another US$300 billion in market capitalization, or about 27%.
The total market value of Bitcoin and Ethereum together is close to exceeding the market capitalization of the second largest monetary commodity, silver.
Bitcoin’s market capitalization is currently US$1.095 trillion, while Ethereum’s is US$240 billion, totaling around US$1.33 trillion.
There are currently 1,740,000 tons of silver discovered so far, according to the United States Geological Survey. At US$813.41 per kilo, silver has a total market capitalization of around US$1.4 trillion.
The two cryptocurrencies therefore become the first digital asset in the world to surpass the money of the millennium generation.
Bitcoin: Digital Gold
Bitcoin alone only needs to increase by another US$300 billion in market capitalization, or about 27%, to surpass silver.
That would take him to a price of around US$74,000 per Bitcoin, something that may well be the next line of resistance if the digital currency manages to exceed US$60,000.
Bitcoiners, however, are eyeing the gold market capitalization, which is about US$12 trillion and would require a price of around half a million dollars for Bitcoin.
Ethereum: Digital silver
Silver is arguably more for Ethereum, which can reach a price of about US$15,000 for Ether, or about eight times its value from here.
Bitcoin, in particular, is being seen by some as better than gold because it is a digital gold. If Bitcoin gets there, Ethereum will take on the role of silver, acting both as a substitute for Bitcoin and as a more usable asset.
Both gold and silver, however, will continue to have some role, not just for wedding rings, but you cannot buy NFTs with gold, and you cannot collateralize gold or silver as you can with Bitcoin or Ethereum through DeFi.
Just like gold and silver, Bitcoin and Ethereum also have their use cases, whether for international trade, to buy digital art or even to buy houses.
With regard to the role of being money outside the fiduciary system, it seems somewhat clear that both Bitcoin and Ethereum are somewhat superior in having a finite supply, both of which are usable as a bearer asset in the digital realm, as well as in the physical realm, through paper wallets or real coins, as illustrated above.
And both being much more easily divisible, impossible to falsify and because they are extremely easy to transport in addition to being more accessible magnitudes due to all these brokers worldwide.
Therefore, it is probably only a matter of time before Bitcoin exceeds the market capitalization of silver, but whether it will be able to exceed the market capitalization of gold, it remains to be seen.