- Bitcoin has surpassed Saudi Aramco in market capitalization and is now the seventh-largest asset.
- Samson Mow highlighted past doubt about Bitcoin’s growth, but its recent surge past $100,000 proved critics wrong.
In his latest tweet, Bitcoin supporter and the CEO of the JAN3 project, Samson Mow, pointed out that Bitcoin recently hit another achievement, its market capitalization became higher than that of Saudi Aramco. Mow retweeted an old quote from a Bitcoin questioner who stated that Bitcoin will not increase from $10,000 to $100,000. What a turn of events that would be, said Mow, who declined to mention a critic’s name, referring to such a rise as unrealistic to rank Bitcoin among the largest assets in the world.
In return, Mow shared a screenshot of Bitcoin’s current ranking as the seventh largest asset by market cap, with Saudi Aramco now ranked as the eighth largest company. Today’s list also includes other large caps, such as Amazon, Alphabet, Microsoft, and Apple, that are ranked above Bitcoin. It has also elevated Bitcoin’s status as a dominant force within the monetary markets.
— Samson Mow (@Excellion) January 17, 2025
Skeptics’ Predictions Proven Wrong
Mow also quoted a similar line from an older market analyst from a time when Bitcoin was going for $100. The analyst had expected it to rise to $150 only, even downplaying the possibility of BTC hitting the $1000 mark. The statement said that this multiplier was excessive and erred in labeling the bullish sentiments as unrealistic. Nevertheless, Bitcoin quickly surpassed those expectations and silenced those initial skeptics.
Over the years, analysts have become accustomed to massively underestimating Bitcoin’s potential. Cryptocurrency analysts, as well as conventional traders, have often questioned Bitcoin’s possibilities only to be repeatedly surprised by it. Bitcoin is back all over, and hitting the $100k mark is proof that this cryptocurrency has had strong rebounds and is being adopted worldwide, reported CNF.
Bitcoin’s Recent Performance and Market Outlook
Today, Bitcoin is trading at $105,221, which is up by 3.13% in the last 24 hours. In the present week, Bitcoin has risen by a percentage point of more than 12% to trade at the current levels from a previous trading point of $90,680. The price movement shows persistent market confidence as institutional and retail investors hold and demand securities, reported CNF.
Bitcoin’s capacity to overshadow certain key firms in market capitalization proves the transformation of the digital currency as an instrument of global investment. Some of the traditional market participants have even claimed that its long-term is unworthy, but based on this data, it is evident that its growth path is on an upward trend. Whether it can continue to rise in the rankings is still unknown. However, year-over-year results show signs of growth.
Heating up or cooling down? Looking at the last weeks, Mow’s remarks recall the path of recognition for Bitcoin, moving from skepticism to acceptance. The doubts surrounding Bitcoin’s legitimacy in the past are better thought of as cautionary tales of the future of financial services as the cryptocurrency market matures.
