According to the data accumulated and analyzed by New Zealand’s Buy Shares, the world’s largest cryptocurrency Bitcoin, if categorized as a bank, would rank as the eighth largest bank globally with a market cap of $169.01 billion.
[expander_maker id=”1″]
From the data, JP Morgan Chase’s market capitalization of $433.5 billion, makes it the biggest bank in the world. Bitcoin would also rank lower than the Bank of America with a market cap of $306 billion. ICBC ranks third with a capitalization of $290.9 billion followed by China Construction Bank with a cap of $218.4 billion.
Wells Fargo is the fifth-largest bank globally with a market cap of just $35.3 billion more than Bitcoin’s. Other banks ranked higher in the market cap above Bitcoin are Agricultural Bank of China and Citigroup at $178.8 billion and $171.5 billion respectively.
Bitcoin’s current market cap has surpassed other major banks like HSBC that currently enjoys a cap of $157.5 billion. Other banks with lower market cap than Bitcoin include The Bank of China’s ($146.6 billion), China Merchants Banks ($137.7 billion), Royal Bank of Canada ($116.6 billion), HDFC Bank Limited ($112.7 billion), Toronto Dominion Bank ($103.3 billion), Commonwealth Bank of Australia ($101.6 billion), and Morgan Stanley( $93.09 billion).
Better at Return on Investment as well
Compared to the stocks of major banks, Bitcoin holds a positive Return of Investment based on Year-to-Date overview. Bitcoin has an ROI of 27.18% with China Construction Bank Corporation coming second with an ROI of 2.52%. The Industrial and Commercial Bank of China has returns of -19.5%. JP Morgan Chase has an ROI of -29.58% followed by Bank of America’s -34.07% while Wells Fargo has the worst returns at -53.62%.
According to the Buy Shares research report based on the ROI review, Bitcoin has remained resilient against all odds.
“In the first and second quarters of this year, the coronavirus pandemic wrecked the global economy leading to the crumbling of most stocks. Major stocks ROI has been in the red zone but Bitcoin appears not to have been impacted greatly. Largely, Bitcoin has remained resilient throughout this season despite occasional tumbling attributed to fear to spread from traditional markets.”
Currently, traditional markets are desperate for recovery mechanisms.
Thank you very much for choosing GCC Business News to be an important part of your professional life. You will receive a confirmation e-mail. Please check SPAM or UPDATES folder
