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Bitcoin is positioned to surpass one of the biggest behemoths in tech history. As of writing, the largest crypto is trading at $93,751.05, with a total market cap of $1.86 trillion, verging on NVIDIA's $2.412 trillion in valuation.
To pass NVIDIA and become the fourth most valuable asset in the world, Bitcoin needs to find somewhere around $121,600, assuming its circulating supply remains around 19.8 million Bitcoin. This is about a 29.7% increase from where it is right now.
While the increase would be significant financially, it would be both significant and symbolic. NVIDIA has been identified as a major beneficiary of the AI boom and has been one of the hottest stocks on Wall Street.
Meanwhile, Bitcoin's ability to remain resilient in the face of regulatory crackdowns and macro volatility has sparked the debate of its true long-term value as "digital gold."
Currently, Bitcoin is ranked sixth overall in the world by all asset valuation, behind gold, Apple, Microsoft, and NVIDIA; it also moved ahead of Alphabet (Google) for total market cap on Apr 23, indicating the increasing significance to institutional portfolios and global finance.
With increasing global investment interest from ETFs, hedge funds, and sovereign wealth funds, a decisive move past NVIDIA may be less a matter of if and more a matter of when.
Top ETF analyst weighs in
On Apr 22, Bitcoin ETFs had now attracted an astounding $936 million, or approximately $1.2 billion for the week, as stated by Bloomberg's Eric Balchunas.
Of interest, 10 out of the original 11 ETFs experienced positive flows. Balchunas described the incoming flows of money as ETFs going into "Pac-Man mode," and he called it a pretty strong showing, especially with Bitcoin trading at $93.5K.
The increase in flow depth across multiple issuers points to increased institutional confidence and growing demand to gain exposure to Bitcoin.
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