Bitcoin flippened silver and Saudi Aramco — are Google and Amazon next?
On Wednesday, the market capitalization of bitcoin exceeded Saudi Aramco, the world’s largest oil company. According to CompaniesMarketCap, a popular leaderboard that excludes many private assets, bitcoin ‘flippened’ the company for a few hours during Wall Street’s lunchtime.
That achievement came mere minutes after bitcoin surpassed a popular albeit imprecise measure of the world’s mined silver: 1,751,000 metric tonnes.
Although bitcoin’s retracement to a $1.7 billion market cap on Thursday reinstated the $1.8 trillion Saudi Aramco to its higher rung, bitcoin is still higher than silver and very close to re-flippening Saudi Aramco.
In any case, Bitcoiners are already looking past the oil giant and precious metal. Scanning toward the top of the list, they are seeking their next target to flippen.
Above Saudi Aramco on the leaderboard sit Google, Amazon, Microsoft, Apple, NVIDIA, and gold. Which of these will bitcoin flippen next?
The next assets for Bitcoin to flippen
Because assets on CompaniesMarketCap are marked-to-market on a daily basis with changing prices, their rank fluctuates periodically. Nevertheless, as of publication time, the easiest asset to surpass on that list is Alphabet (Google) with its $2.1 trillion market cap.
Bitcoin would need to rally 23% from its current value to surpass that company and rank sixth on the leaderboard.
Close to that number is Amazon, just $0.1 trillion higher than Google as of publication time. A 29% rally for bitcoin from today’s $87,600 price would outrank Amazon.
Above that number is rarified air. At the exosphere of public companies is NVIDIA at $3.6 trillion — more than double the size of bitcoin.
Atop the leaderboard is gold, the world’s most valuable precious metal by total mined supply. Although many gold bugs dispute the amount of gold secretly amassed over millennia in India, China, Russia, and other countries, a popular estimate of its above-ground supply is 208,874 metric tonnes.
Read more: Bitcoin breaks $93,000 amid rumors that Saudi, UAE, or Qatar is buying
What bitcoin needs to flippen gold
If that tonnage is accurate — as with silver, mined supply is a big assumption — then gold has a market cap of $17.2 trillion today.
In percentage terms, gold is at least 900% higher than bitcoin’s market cap. If Asian countries have secret stores of gold, that percentage would increase.
Of course, CompaniesMarketCap does not list many other assets that bitcoin could flippen. There are parks, militaries, real estate, and countries. Residential real estate in Australia alone exceeds $10 billion, for example.
Whether bitcoin will flippen Google, NVIDIA, gold, or any meaningful percentage of global real estate remains to be seen. Certainly, bitcoin does not fit neatly into any prediction model. It has the ability to become one of the world’s biggest assets if its bullish trend continues.
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