- After surpassing the market capitalization of two payment giants, the world’s largest cryptocurrency has set another impressive milestone.
- Bitcoin has a market capitalization of $977 billion, which puts it ahead of Visa and Mastercard combined.
- Mastercard and Visa have taken steps to integrate cryptocurrencies into their offerings.
Bitcoiners have reason to rejoice after new metrics were revealed at the start of the weekend. The asset’s consistent price rise has resulted in a market capitalization that exceeds that of Visa and Mastercard combined. It accomplished this feat as a result of a resurgence of institutional investors flooding into the space following a summer of lackluster price action.
The Bitcoin Cyclone is still churning.
BTC is currently trading at $51,796 due to a price resurgence. The daily trading volume is $40 billion, and the market capitalization is $977 billion, on the verge of exceeding $1 trillion. These highs have not gone unnoticed, as members of the community make a startling discovery about market capitalization.
Bitcoin’s current market capitalization exceeds the combined market capitalization of Visa and Mastercard, two of the world’s largest payment platforms. Visa’s share price is $225, giving it a market capitalization of $493 billion, while Mastercard’s share price is $340, giving it a market capitalization of $335 billion, both of which are dwarfed by Bitcoin’s enormous market capitalization.
This is impressive given the sheer volume of transactions processed by Visa and Mastercard. According to Visa operational performance data, payments volume in 2020 is expected to be $1.97 trillion, while Mastercard is expected to be $837 billion in the same year.
Mastercard and Visa Take Steps to Accept Cryptocurrencies
It was only a matter of time before mainstream payment platforms began to incorporate cryptocurrencies into their offerings as cryptocurrencies grew in popularity. Back in February, Mastercard CEO Raj Dhamodharan stated that the company’s crypto push aims to “enable merchants and businesses to move digital value,” and he identified certain prerequisites as privacy, security, and compliance with KYC regulations.
Visa has also given cryptocurrency a nod after it was revealed that the payment giant has partnered with over 40 cryptocurrency platforms through card programs that will allow consumers to spend cryptocurrency at accepted merchants worldwide. The company is also venturing into deeper waters, as it recently announced the purchase of a CryptoPunk NFT for $150,000. Cuy Sheffield, Visa’s head of crypto, stated that the company “needs a firsthand understanding of the infrastructure requirements for a global brand to purchase, store, and leverage an NFT” in order to assist its partners.
Why Does It Matter?
Bitcoin’s rise is a testament to the asset’s growing popularity among retail and institutional investors, which has seen it surpass $50,000. We are witnessing the historic marriage of cryptocurrencies and traditional finance as traditional payment platforms attempt to incorporate cryptocurrencies.