Have Bitcoin Potential to Replace Gold?

Since Gold is the most precious asset by market value at $11 trillion, it is worth noting that Indeed, Bitcoin has been compared to gold, with proponents saying that the crypto would likely replace gold as a presumed store of value.

Despite the fact that both assets are functioning in an inflationary environment, gold has held its ground.

Saudi Aramco is the second-largest publicly traded company in the world, with a market capitalization of around $2.25 trillion dollars, followed by Apple (NASDAQ: AAPL) and Microsoft (NASDAQ: MSFT), all of which have market capitalizations of about $2.1 trillion dollars. Alphabet (NASDAQ: GOOGL) has a market value of $1.38 trillion, making it the fifth-largest publicly traded company in the world.

Nvidia (NASDAQ: NVDA), JP Morgan (NYSE: JPM), and Mastercard all have declining market capitalizations, but Bitcoin remains the most valuable among them (NYSE: MA).

Even though both cryptocurrency and stock markets have seen large drops in value, Bitcoin has taken the brunt of the sell-off due to rising inflation and concerns about interest rate rises. The Nasdaq stock market index has recently been strongly associated with Bitcoin’s price.

Generally speaking, the market has been quite choppy as Bitcoin tries to hold onto gains at the critical $20,000 support level.

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