This is the third time this year, Bitcoin’s market capitalization exceeds that of Google’s parent company Alphabet, showing strong performance recently. This upward trend is marked by Bitcoin reaching a new price threshold of $100,000 and reaching a wide range of crypto industries that ensure critical legislative success in the United States.
Matthew Sigel, head of digital asset research at global investment firm Vaneck, described the outperformance of technology giants like Google as “poetic justice.” For him, it is a sign that the world of investment is finally awakening to Bitcoin’s perceived value proposition.
Bitcoin promotion to high-tech giants
It’s been a great year for Bitcoin, and the wider crypto community is enjoying its success. In addition, traditional technology is placed on high alert.
This Friday, Bitcoin’s market capitalization reached $2.13 trillion, exceeding the alphabet’s $30 billion. The difference is minimal, but its importance is monumental, especially considering that this is not the first time Bitcoin has surpassed the alphabet.
So far, Bitcoin has achieved similar feats once in April and twice again in May, taking on the position of the alphabet as the fifth-largest global asset, closely behind Amazon.
Meanwhile, Crypto Equities is also ecstatic at its own gatherings.
Crypto Equities Rally is a rally amid legislative victory
Inventories from companies that are deeply involved in the blockchain sector have seen recent surges in performance. Coinbase shares rose 53% since the start of the year to reach a high of $379.
Other cryptocurrency stocks, including those from Bitcoin Treasury Holding Company Strategy, rose as Bitcoin prices rose to $106,000. Mining companies like Riot and Mara have experienced even more profits.
This powerful gathering was also facilitated by other notable events, including the recent approval of the US Senate’s Genius Act. This passage marked an important legislative shift towards pro-cryptic policies in an industry that previously faced a hostile environment.
According to Sigel, the increase in crypto stock value indicates a clear and significant change in Bitcoin’s reputation, solidifying its position as a viable investment.
“The crypto stocks are rallying as Wall Street finally gets it. The ONCHAINECOONOM picks and Shubels are no longer a science experiment. They are the Tall booths on the new financial superhighway,” he told Beincrypto.
For him, these events mean an increase in Bitcoin’s excellence, and at the same time reveals a decline in the strength of its longtime competitors.
The Poetic Justice of Bitcoin
The news of Bitcoin’s market capitalization reminded me of a newsletter that Sigel wrote when he worked as a portfolio strategist at another investment bank eight years ago. It was titled “Google Is Evil.”
The central theme of this issue strongly criticised the immeasurable market power and social impact of major high-tech companies.
Sigel argued that giants like Google and Facebook act as harmful monopolies that have a negative impact on society. He specifically denounced Google’s “Rentier Behavior,” which argued, using its dominant position to control cultural narratives and undermine democratic principles.
He ended his newsletter, albeit through trust, after revealing that he had bought his first Bitcoin. He paid an admission price of $306.
The underlying infrastructure and decentralized nature of Bitcoin remain important advantages that Shigeru defends to this day. For him, Bitcoin has repeatedly surpassed Google reflects that technology ultimately receives the perception it deserves.
“Poetic justice when it comes to Bitcoin turning Google over. One sells your data, the other sells your freedom. In a world owned by surveillance and debt, investors choose shortages and autonomy,” he said.
If Sigel’s Bitcoin bets proven to be as accurate as the ones they made in their 2017 newsletter, then Bitcoin holders can make a significant profit.
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