CRYPTONAIRE
WEEKLY CRYPTO investment journal
World’s largest banks lost 3x Bitcoin’s market cap during the pandemic
Prior to COVID-19, six leading banks had a market cap above Bitcoin’s. How many still do? Since the outbreak of COVID-19, the world’s 14 largest banks have lost $635.33 billion in market capitalization. This is more than three times the current market capitalization of Bitcoin (BTC) and almost double the capitalization of all cryptocurrencies. The starting point for this data is December 19. For reference, Bitcoin’s market cap at the time was $130 billion. As the world was entering the pandemic induced recession, six of the banks on the list had a market cap higher than Bitcoin. Currently, only two are bigger — JPMorgan Chase and Bank of America. The Industrial and Commercial Bank of China came close as well, and are currently in a tie with the cryptocurrency. However, every single bank on the list has shed billions of dollars off their market capitalization, while Bitcoin has gained $62 billion, or 48%, over the same period. As previously reported, the world’s largest pension fund lost an equivalent of Bitcoin’s market cap in a single quarter. Meanwhile, Bitcoin has been gaining unprecedented adoption amongst traditional investors as reflected by the growth of Grayscale’s Bitcoin Trust. A publicly-traded company recently even made Bitcoin its reserve currency. Read more...
Cryptonaire Weekly | September 15th 2020
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