Ad
News
Apple gained the same value on Friday as Bitcoin’s entire market cap Apple gained the same value on Friday as Bitcoin’s entire market cap
🚨 This article is 4 years old...

Apple gained the same value on Friday as Bitcoin’s entire market cap

Apple gained the same value on Friday as Bitcoin’s entire market cap

Photo by Medhat Dawoud on Unsplash

While Bitcoin has rallied millions of percent since its launch in 2008, the asset remains relatively small on a macro scale. This much was made clear on Friday, Jul. 31, when the shares of Apple (AAPL) surged on the back of extremely strong revenue numbers.

Apple stock surges 11% on Friday to gain more value than BTC’s market cap

At a market capitalization of just over $200 billion, Bitcoin has reached a size where it is being noticed by Wall Street and Main Street alike. JPMorgan is now servicing cryptocurrency companies, blockchain is a regular topic on CNBC and Bloomberg, and a majority of Americans have heard of Bitcoin at least once.

Yet on a macro scale, it remains a small force.

During Friday’s trading session — including after-hours trading — Apple shares rallied by just over 11 percent, bringing the market capitalization of the company to $1.85 trillion as per data from Google.

What’s fascinating about this news is that the market capitalization of Apple effectively increased by $200 billion — approximately the value of all BTC currently in circulation. With this latest leg higher, Apple as a publicly-traded company is worth 800 percent more than Bitcoin, despite it being just one entity.

In a similar vein, the surge in AMAZ shares on Friday approximately added the value of Ethereum’s market capitalization to Amazon.

Bitcoin has room to rally in the years ahead

The sheer absurdity of a single company gaining more in value than Bitcoin’s entire network value shows how early the industry is and how much potential for growth there is, some investors have commented.

Raoul Pal, the chief executive of Real Vision and the former head of hedge fund sales at Goldman Sachs, expects this potential to be realized.

He told Bitcoin podcaster Stephan Livera last year that real estate is “unaffordable,” bonds make little sense in the long run due to “virtually zero yields,” and stocks may be overvalued. The answer: Bitcoin.

“What the hell does a millennial do to save for your future? The answer is […] Bitcoin”

With some reports indicating that upwards of $50 trillion worth of wealth will be transferred by baby boomer parents (and those older than that) to the younger generations in the coming years and decades, money may naturally flow towards Bitcoin faster than it ever has before, pushing prices higher.

Pal added in separate analyses that he thinks the ongoing pandemic, the economic impact, and the policy response is showing that there are true systematic risks in the system of money and finance that runs the world.

To the Wall Street veteran and now staunch crypto bull, Bitcoin acts as a “call option” on the world opting for a digital, refreshed system of finance over the current one. 

Bitcoin Market Data

At the time of press 9:22 am UTC on Aug. 1, 2020, Bitcoin is ranked #1 by market cap and the price is up 4.87% over the past 24 hours. Bitcoin has a market capitalization of $215.38 billion with a 24-hour trading volume of $26.49 billion. Learn more about Bitcoin ›

Bitcoin

9:22 am UTC on Aug. 1, 2020

$11,674.58

4.87%
Crypto Market Summary

At the time of press 9:22 am UTC on Aug. 1, 2020, the total crypto market is valued at at $344.72 billion with a 24-hour volume of $98.28 billion. Bitcoin dominance is currently at 62.46%. Learn more about the crypto market ›

Mentioned in this article
People were interested in these podcasts
Play Episode
48min
CryptoSlate SlateCast
Mark Yusko discusses Metaplanet Bitcoin buys and BTC’s future
In a recent SlateCast episode, Mark Yusko, CEO and co-founder of Morgan Creek Capital Management, joined host Liam “Akiba” Wright and CryptoSlate Senior Analyst James Van Straten to discuss Bitcoin’s future, market manipulation, and the evolution of money.Yusko shared insights on Bitcoin’s value proposition, the impact of ETFs, and the broader implications of crypto adoption.Bitcoin’s Value and Price PredictionsYusko explained his prediction of Bitcoin reaching $250,000 in the coming years, basing it on the total value of the Bitcoin network. He stated:“If it’s going to replace gold, the value of gold globally is about $12 trillion. Half of that doesn’t really count… The monetary value of gold, the bars that sit in central banks, that’s about $6 trillion.”He further elaborated on the four-year cycle driven by Bitcoin halving events, suggesting that the fair value of Bitcoin doubles with each halving. Yusko predicted that the current cycle could see Bitcoin reach $100,000 as fair value, potentially reaching $1 million in the next cycle.Market Manipulation and Price SuppressionThe discussion touched on market manipulation, with Yusko drawing parallels between Bitcoin and gold markets. He argued that both are subject to price suppression:“The Rothschild Bank in London, which sets the price of gold globally, has been fixing that price through this manipulation of the futures market for years.”Yusko expressed concern about applying similar tactics to Bitcoin, particularly with the introduction of ETFs and the growth of the futures market.The Evolution of Money and Financial SystemsYusko provided a historical perspective on the evolution of information dissemination and financial systems. He argued that Bitcoin and blockchain technology represent the next significant shift:“We’re about to bust the oldest monopoly in the world left, which is financial services. Banking, right? Banking was started back in the 1100s by the Portuguese monks, the Knights Templar, and it has em
CryptoSlate SlateCast
Noelle Acheson on how crypto is shaping global macroeconomics
In a recent SlateCast episode, Noelle Acheson, author of the "Crypto Is Macro Now" newsletter, joined host Liam "Akiba" Wright and CryptoSlate CEO Nate Whitehill to discuss the growing influence of cryptocurrency on global macroeconomics and financial systems.Crypto's Impact on Monetary Policy: Acheson emphasized that crypto, particularly Bitcoin and stablecoins, is increasingly affecting monetary policy and capital flows worldwide. She noted:"There is an alternative now to the central bank currency, to the commercial bank currency, to the fiat currency. There is an alternative that the authorities are struggling to control. And that is important for monetary policy."The discussion highlighted how cryptocurrencies provide options for individuals in countries with unstable currencies or restrictive financial policies.Stablecoins and Global FinanceThe conversation turned to the significant role of stablecoins, particularly Tether (USDT), in the global financial ecosystem. Acheson pointed out:"Tether is a very key macro and crypto force. Crypto because of its size of its stablecoin and the spread of its use around the world, except the United States, and macro because of the amount it holds of U.S. government debt."The panelists discussed how Tether's large holdings of U.S. Treasuries could potentially influence macro-economic policies.Regulatory Landscape and U.S. ElectionsAcheson shared her thoughts on the potential impact of the 2024 U.S. presidential election on crypto regulations:"A Trump victory would be better for crypto. A Kamala victory, we don't know. This is just still the very big unknown."She suggested that a change in SEC leadership could significantly shift the regulatory approach to cryptocurrencies, regardless of which party wins.Crypto and Economic TransparencyAcheson highlighted an often-overlooked aspect of crypto adoption"That crypto is not all about risk. That it is actually relatively safe. That, this is especially overlooked, it enhances transpa
CryptoSlate SlateCast
From failure to fortune: Jonathan Bouzanquet on blockchain and gaming
Jonathan Bouzanquet, the Co-Founder and Chief Strategy Officer of Playa3ull Games, joined CryptoSlate’s SlateCast alongside Editor-in-Chief Liam “Akiba” Wright and CEO Nate Whitehill. In a thought-provoking discussion, Bouzanquet shared his vision for blockchain gaming, emphasizing a community-first approach, sustainable funding, and the potential of blockchain technology to revolutionize the gaming industry.Building Games Backwards: A Player-Centric PhilosophyThe discussion delved into Playa3ull's unique approach to game development, which they call "building games backwards." This method emphasizes community involvement from the outset.Jonathan stated, "With Play3bull, we bring the community back into the game. We don't want to just tell the player, this is our game, play it or fuck off. We want to say, here's the game. What do you think? How can we make it better?"This strategy involves an advisory council rather than a traditional DAO, aiming for a dialogue between developers and players to shape the game's evolution based on real feedback.The Importance of Digital Asset OwnershipA significant part of the conversation revolved around the benefits of blockchain for gaming, particularly in terms of asset ownership. Jonathan highlighted the frustrations with traditional gaming where players do not own their in-game achievements."Since you invest such enormous amounts of time, it's important to have those assets owned and they are valuable,"he remarked, envisioning a future where these assets could have inter-game utility.Playa3ull's Economic Model: The Bull TokenJonathan detailed Playa3ull's economic system, centered around the Bull Token. Unlike many gaming platforms with separate tokens for each game, Playa3ull uses a single token across its ecosystem for stability and broader utility."So, our coin comes into existence through our node system... half the coin goes to the company for company function, and half the coin goes to the nodes,"he explained, outlining a
CryptoSlate SlateCast
Matthijs de Vries on the intersection of Al, Blockchain, and Decentralization
CryptoSlate chats with Matthijs de Vries, the CEO of Nuklai Data. AI is a lot of things. Some of these things make sense as decentralized, and some should be distributed with centralized governance for a tiny part.Credits Thanks to Liam 'Akiba' Wright for hosting and producing the episodes.   Connect with CryptoSlate: - X - Substack - Google News - Telegram - Instagram

Hide All Glossary Terms