Bitcoin Surpasses Amazon, Could Apple Be Next?

Bitcoin surpassed Amazon's valuation, reaching a market cap of $2.4 trillion, after a 13% surge in a week. A record wave of inflows into spot Bitcoin ETFs and pro-crypto legislation contributed to the increase. Bitcoin's correlation with tech stocks and its massive scale, with a 1.2 million percent return in 15 years, have transformed its image. It is now being compared to Apple and Microsoft in size.

On July 14, 2025, Bitcoin (BTC) crossed a historic threshold, with its price surging past $122,600, pushing its market capitalization to approximately $2.4 trillion. This marked the first time Bitcoin officially joined the ranks of the top five most valuable assets on Earth, surpassing Amazon's estimated $2.3 trillion [1].

The surge was not a slow burn. Bitcoin climbed nearly 13% in just one week, driven by record-breaking spot Bitcoin exchange-traded fund (ETF) inflows and rising institutional demand. The inflows saw unprecedented demand, with US-listed products pulling in $1.17 billion and $1.03 billion on July 10 and 11, respectively, marking the first time since their January 2024 debut that back-to-back daily inflows crossed the $1-billion mark [1].

These inflows helped propel Bitcoin past the $120,000 mark and reinforced the asset's responsiveness to ETF demand. BlackRock’s IBIT, a market leader, now holds over $80 billion in assets under management, further reshaping access, liquidity, and perception [1].

The rise of Bitcoin was also fueled by a slate of crypto-focused legislation rolled out by Washington. The CLARITY Act, GENIUS Act, and Anti-CBDC Surveillance Act advanced through Congress under a unified push dubbed "Crypto Week." These bills offered clearer frameworks, stronger protections, and explicit political support, signaling that crypto has a place in regulated finance [1].

Bitcoin's climb is also about timing. Under the newly elected Trump administration, crypto policy has shifted toward a friendlier stance. A weakening dollar and a push for alternatives to centralized money have also fueled interest in Bitcoin [1]. Moreover, Bitcoin's correlation with equities has risen sharply, with a January 2025 study showing BTC’s rolling correlation with the Nasdaq and S&P 500 hitting 0.87, indicating that investors now view Bitcoin as part of the broader risk asset landscape [1].

Bitcoin's massive scale and return on investment have transformed its image. From a price of $0.10 in 2010, Bitcoin has seen a gain of more than 1.2 million times (1,219,999%) in just 15 years. This unprecedented growth has positioned Bitcoin for further comparison to giants like Apple and Microsoft [1].

Bitcoin's scarcity, with a hard cap of 21 million coins, mimics the economics of gold but in a digital, transparent, and borderless form. This scarcity has replaced gold as a long-term store of value and inflation hedge for many [1].

Institutional adoption has also played a significant role. As of July 2025, over 265 public and private companies hold a combined 853,000 BTC, or about 4% of the total supply, including names such as Tesla and Square [1]. Spot Bitcoin ETFs now hold approximately 1.4 million BTC (6.6% of the supply), making ETFs one of the largest custodians of BTC globally [1].

The next milestones for Bitcoin include challenging Apple's $3.1-trillion market cap and Microsoft's $3.6-trillion valuation, which would require BTC prices of $142,000 and $167,000, respectively [1]. Major financial institutions are updating their models, with projections ranging from $135,000 by Q3 to $200,000 by year-end, citing strong ETF demand and continued institutional accumulation [1].

However, the continued bullish projections depend on sustained ETF inflows and regulatory clarity. Bitcoin has become sensitive to interest rate signals and policy changes, which could swing prices sharply [1].

References:
[1] https://cointelegraph.com/explained/bitcoin-is-now-bigger-than-amazon-heres-how-it-became-a-top-5-asset