Bitcoin recently reached a market value of $ 505 billion and surpassed Visa, the largest financial company in the world valued at $ 497 billion.
With that, cryptocurrency has become the world’s largest financial product by market value.
It is worth mentioning that January 1st, 2020, BTC was worth $7,195.15, and since then, the price increased by almost 400%.
Bitcoin beats Visa
On the other hand, when it comes to adoption as a means of payment, Visa has a notable advantage.
As reported in its annual report, in 2020, the company processed about 140.8 billion transactions. In that same period, the number of Bitcoin transactions was around 114 million.
Therefore, the credit card giant knows well what is happening with Bitcoin. Proof of this is that for two years the company has been studying how to enter the cryptocurrency market.
Cuy Sheffield, head of the cryptocurrency at Visa, said last June:
“We continue to think of Visa as a network of networks,” (…)
“Blockchain networks and stablecoins, like USDC, are just additional networks. So we think that there’s a significant value that Visa can provide to our clients, enabling them to access them and enabling them to spend at our merchants.”
If all financial assets are taken into account, without distinction of categories, according to a list prepared by CompaniesMarketCap.com, Bitcoin is ranked 13th.
Thus, to enter the “top 10”, each BTC would have to be worth US $ 34,424, a scenario that does not seem so distant.
This can happen and even be overcome if the predictions of analysts like Willy Woo or Kraken experts are met. Both project that each Bitcoin could be worth at least $ 200,000 in 2021.
Even so, BTC still needs to increase its market value almost 24 times to overcome gold. The precious metal is the most valuable financial asset with estimates between US $ 8 and 12 trillion.
Edited on 03.01.2021:
BTC price was stated wrong for 1st Jan 2020.
Corrected from $29,000.00 to $7,195.15.