Bitfinex CTO: Bitcoin on course to surpass Apple and Google

Bitcoin is on course to surpass the market cap of Apple, Google and Facebook, according to Bitfinex CTO Paolo Ardoino.

Ardoino’s comments come after Bitcoin eclipsed its previous all-time high of $35,000, surging to $35,920 in the early hours of this morning.

Bitcoin’s market cap is currently standing at $640 billion, significant higher than this time last year when it was at $143 billion.

“Bitcoin has once again rocketed to an all-time high. Bitcoin’s market capitalisation has soared past the US$600 billion mark with the king of crypto on course to surpass the market caps of Apple, Google and Facebook.

BTCUSD chart by TradingView

Still, the elegance and technological brilliance of bitcoin represents a very different model. The scramble of institutional investors into the fray with orders to buy bitcoin are a stark recognition of the quantum leap that bitcoin technology represents.”

Bitcoin’s rise over the past 12-months has been attributed to a significant uptick in institutional investment, with the likes of MicroStrategy and Square initially investing $425 million and $50 million respectively.

However, as Bitcoin continues to break new highs, interest among retail investors is also beginning to increase with Google searches for “Buy Bitcoin” surging by 400% since September.

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Oliver Knight

Londoner ‘Ollie’ graduated from Birmingham City University with a journalism degree in 2016. He combines his writing with his love of crypto and blockchain here at Coin Rivet, saying “It disrupts well-established institutions (banks) while giving an avenue to the less fortunate to achieve financial freedom.” Like all true Londoners, his pet hate is… “People standing on the left-hand side of the escalators on the Tube!”.