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10 December 2023
Bitcoin has surpassed both Tesla and Berkshire Hathaway in market capitalization. 

During trading on December 4th, the value of Bitcoin rose above $42,000, reaching its highest point in the last 20 months.

Bitcoin’s market capitalization has increased by 11% over the past week, reaching $811.87 billion according to Infinite Market Cap data. This growth has propelled Bitcoin to the 10th position in the market capitalization ranking, surpassing Tesla (with a market capitalization of $753.7 billion) and Berkshire Hathaway (a major Apple shareholder, with a capitalization of $777.6 billion). Bitcoin is now approaching Meta (owner of Facebook and Instagram) with a market capitalization of $813.46 billion.

Gold remains the leader in market capitalization with $13.86 trillion, followed by Apple ($2.9 trillion) and Microsoft ($2.7 trillion). The top 10 also includes the Saudi oil company Saudi Aramco, Alphabet (Google’s owner), Amazon, silver, and the processor and graphics card manufacturer Nvidia.

Additionally, investors expect the U.S. Securities and Exchange Commission (SEC) to approve the launch of a Bitcoin-linked exchange-traded fund (ETF) in the coming weeks. So far, the regulator has been reluctant to do so, but now, some of Wall Street’s largest investment companies, including BlackRock and Franklin Templeton, have submitted applications to the Commission, as reported by FT. The market has long seen ETFs as a way to take control of digital assets away from cryptocurrency exchanges in favor of a more “systemic” business, the publication added.