The world of cryptocurrency has been making waves in the news lately, and one of the most talked-about stories is the Bitcoin market cap ‘flipping’ payments giant Visa for the third time.
On the 15th of February 2021, the total market capitalization of Bitcoin (BTC) surpassed that of Visa, the world’s largest payments processor. This marks the third time that Bitcoin’s market cap has exceeded that of Visa’s, following similar feats in December 2017 and June 2019.
At the time of writing, the market cap of Bitcoin stands at $1.12 trillion, while Visa’s market cap is $449 billion. This means that the market cap of Bitcoin is more than twice that of Visa’s.
The news of Bitcoin flipping Visa for the third time highlights the increasing popularity and acceptance of cryptocurrency as a viable asset class. This is especially true in the context of the ongoing global economic uncertainty, which has seen investors flock to Bitcoin as a safe-haven asset.
The flip also serves as a reminder of the potential of Bitcoin and other cryptocurrencies as a payment option. Although Bitcoin is still far from being adopted as a mainstream payment option, it has made significant strides in recent years. This includes the launch of Bitcoin debit cards, which allow users to spend their Bitcoin with merchants who accept Visa payments.
The flip of Visa by Bitcoin also serves as a reminder of the potential of cryptocurrency as an investment asset. Bitcoin has seen an incredible rise in price over the past year, with some analysts predicting that it could reach $100,000 by the end of 2021.
As Bitcoin continues to gain mainstream acceptance and its price continues to rise, it’s likely that the market cap of Bitcoin will continue to exceed that of Visa. This could potentially pave the way for other cryptocurrencies to follow suit and challenge the dominance of traditional payment processors.