Bitcoin, the pioneer of cryptocurrencies, has surged ahead, surpassing the market value of Berkshire Hathaway, the conglomerate helmed by Warren Buffet. On December 4, Bitcoin’s market cap exceeded $800 billion, overtaking Berkshire Hathaway after it nudged past the investor’s company on December 3.
As Bitcoin soared beyond $40,000 during the weekend, its market capitalization climbed above $780 billion, edging past Berkshire Hathaway’s $779 billion on December 3.
Berkshire Hathaway’s class A stock concluded the market at $542 on December 1, with a market cap of $779 billion. While it has slightly declined recently, slipping around 1.3% over five days, the stock remains up by 4.7% over the last 30 days and 14.7% year-to-date (YTD).
However, the volatility of Berkshire Hathaway’s stock pales in comparison to Bitcoin’s fluctuations. Over the past month, Bitcoin surged by 20% and nearly 150% YTD, hitting multi-month highs and crossing $41,000 on December 4 for the first time since April 2022.
Presently, Bitcoin’s market cap stands at $811 billion, surpassing Berkshire Hathaway’s market value by 4%. Established in 1839, Berkshire Hathaway, headquartered in Omaha, Nebraska, is a multinational conglomerate primarily involved in insurance and investments in various companies like Bank of America and Apple.
Cryptocurrency lawyer John Deaton commented on the development, stating, “That’s a pretty damn big bottle of rat poison,” in reference to Warren Buffett’s 2018 description of Bitcoin as “rat poison squared.”
Based on CompaniesMarketCap data, Bitcoin is now the 10th largest asset by market cap, trailing behind Meta Platforms and Nvidia, valued at $834 billion and $1.2 trillion, respectively.
With Bitcoin’s market cap exceeding $800 billion, it is 38% away from its all-time high in November 2021 when its price approached $69,000. This bullish movement hints at the potential for Bitcoin’s market cap to reach $1 trillion for the second time in its history, the first being in February 2021 at $53,700.
