Before the Corona crisis, six banks had a higher market capitalization than Bitcoin. How many are there now?
Since the coronavirus outbreak, the world’s 14 largest banks have lost $ 635.33 billion in market capitalization
This is more than three times the current market capitalization of Bitcoin ( BTC ) and almost twice the capitalization of all cryptocurrencies.
The starting point for these dates is December 19th. By comparison, Bitcoin’s market capitalization at the time was $ 130 billion. When the world entered the recession that caused this pandemic, six of the banks on the list had a larger market cap than Bitcoin. Currently only two of them have a larger one, JPMorgan Chase and Bank of America. The Industrial and Commercial Bank of China is now also at about the same level as the cryptocurrency.
However, every single bank on the list has lost billions in market cap, while Bitcoin has gained $ 62 billion, or 48 percent, over the same period
As previously reported, the world’s largest annuity fund lost a sum equal to Bitcoin’s market cap in a single quarter . Meanwhile, Bitcoin has achieved unprecedented acceptance among traditional investors, such as the growth of Bitcoin Trust of grayscale displays . A stock exchange company recently made Bitcoin its reserve currency .
While big banks are unlikely to disappear anytime soon, they are still struggling with redefining their value proposition. The negative results they are showing may even have been caused, in part, by multi-trillion dollar bailouts from central banks around the world .