Bitcoin Market Cap Surges 14% to $2.16 Trillion, Overtakes Google

Bitcoin has made a significant leap in the market cap rankings, surpassing both Google and Amazon. The cryptocurrency's market cap has risen to $2.16 trillion, marking a 14% increase since April 23. This surge has propelled Bitcoin to the sixth position in market cap metrics, overtaking Google and closing in on Amazon. The sentiment on social media platforms is optimistic, with many users predicting that Bitcoin could soon surpass Amazon and even gold to become the largest asset by market cap.

Bitcoin's rise is driven by its growing appeal as a hedge against economic uncertainty and inflation. In Japan, for instance, Bitcoin is emerging as a radical alternative as the country faces surging inflation. The cryptocurrency's decentralized ledger makes it an attractive option for investors seeking to protect their assets against risks to the existing financial system. This sentiment is echoed by Geoff Kendrick, the Head of Digital Asset Research at Standard Chartered, who noted that Bitcoin's primary purpose in a portfolio is as a hedge against risks to the existing financial system.

The surge in Bitcoin's market cap is also fueled by investor distrust in US debt sustainability. Renowned author Robert Kiyosaki noted that a recent US Treasury bond auction failed, with the Federal Reserve buying $50 billion of its bonds. This scenario was predicted by Columbia professor Charles Calomiris in 2023, who warned about investor distrust in US debt sustainability, which could fuel inflation by increasing the money supply. Kiyosaki predicts hyperinflation and financial ruin for many, while forecasting massive price surges in alternative assets like gold, silver, and Bitcoin.

Bitcoin's rapid ascent to a $1 trillion market cap is unprecedented, with the cryptocurrency achieving this milestone in just 12 years, compared to decades for other top assets. This rapid growth underscores Bitcoin's potential as a store of value and a hedge against inflation. As investors increasingly turn to Bitcoin as a safe haven asset, its market cap is likely to continue to rise, further cementing its position among the top assets by market cap.