In terms of market capitalization, Bitcoin has now overtaken Tesla. With $1.255 trillion, Bitcoin is now the 8th largest asset. Tesla recently took a hit after Tesla founder Elon Musk launched a poll on whether to sell $21 billion worth of Tesla stock, which is about 10% of his holdings. The majority voted for a sale of the shares.
The background of the action is the discussion about unrealized capital gains in the U.S. The Biden administration wants to introduce them to get more money for their massive spending program. But according to the Biden administration, the massive program costs nothing. Probably he means that it will not cost the Democrats anything, but tax money.
Those who want to compare Bitcoin with gold in terms of market capitalization will be disappointed.
Gold is by far the asset with the largest market capitalization. At the moment, the yellow metal is worth $11.53 trillion. Bitcoin, with its $1.255 trillion, still has some catching up to do. In terms of market capitalization, Bitcoin could be compared to silver at the moment. The market capitalization of silver is $1.36 trillion.
Nevertheless, Bitcoin is on a good path and continues to grow. We can only guess when the attack on silver’s place will come.