Ever since news broke that PayPal would be supporting Bitcoin and other cryptocurrencies in the future, the price per BTC and the asset’s overall market cap has ballooned. And while PayPal’s support of the emerging financial tech is what started off the recent bullish impulse, the momentum has carried the top cryptocurrency’s market cap beyond the payments giant’s valuation itself.
Next on Bitcoin’s list? VISA, Mastercard, JP Morgan Chase, gold, the dollar, and the rest of the financial world.
To put that into perspective, at the 21 million BTC or 84 million LTC supply cap, if every user wanted a Bitcoin or Litecoin, there would only be enough for each person to own 0.06 and 0.024 respectively. The news helped propel Bitcoin’s market cap to a value higher than PayPal’s, even though PYPL shares set an all-time record also on the news.
#Bitcoin leaving PayPal in the rear view mirror.
— Daniel Frumkin (@dfrumps) November 5, 2020