Bitcoin is now more valuable than large banks
Bitcoin’s market capitalization is now higher than the capitalization of Citigroup. The bank, same as other financial institutions, has been hit hard by the pandemic.
Banks in the United States have been experiencing major loan losses for the past months. The largest American bank JPMorgan has lost 26% of its market cap, Bank of America has gone down 29% and Wells Fargo has dropped 38%. Citigroup’s losses are especially heavy - 40% of its market cap has been lost.
The prices of Citigroup's shares has been impacted so bad, that its market capitalization has been reduced to around $100 billion. Bitcoin’s market value is currently at $122.8. In case if this dynamic remains in place, Bitcoin can soon grow bigger than Wells Fargo, the market value of which is now at $135 billion.
Bitcoin has also experienced new falls this year. After a short rebound, the cryptocurrency is currently in the red again. Nevertheless, BTC is still enjoying growing attention of the investors. Some see Bitcoin as a possible safe bet in trying to avoid inflation-caused losses.