Bitcoin Beats Silver, Becomes The 8th Largest Asset In The World

Illustration. (Photo: Unsplash)

JAKARTA - The price of Bitcoin continues to soar past the $93,000 level, with market capitalization breaking more than $1.77 trillion, making Bitcoin surpass the silver cap market (1.70 trillion US dollars) as the 8th largest asset in the world.

Currently, Bitcoin is below gold (17.23 trillion US dollars), Nvidia (3.63 trillion US dollars), Apple (3.4 trillion US dollars), Microsoft (3.16 trillion US dollars), Google (2.2 trillion US dollars), Amazon (2.2 trillion US dollars), and Saudi Aramco (1.79 trillion US dollars) in the world's largest asset ranking.

This market movement was largely driven by institutional purchases and cash flow into Bitcoin's continued ETF. In addition, optimism over Trump's victory, known for its pro-crypto stance, also supports the belief that regulations that support digital assets will be coming soon.

In addition to the above factors, other driving factors such as inflation sentiment also have an impact on the price of Bitcoin. On Wednesday, November 13, 2024, inflation in the United States was recorded at 2.6 percent YoY, up from the previous period of 2.4 percent.

This 0.2 percent increase is still in the context of consensus, so it should give a positive view of the dollar. However, Bitcoin actually experienced an increase and managed to achieve an all-time high (ATH), reflecting investor enthusiasm for Bitcoin adoption in the midst of current economic conditions.

INDODAX CEO, Oscar Darmawan, stated that the achievement of Bitcoin's market capitalization, which now reaches 1.77 trillion US dollars, is proof of the increasing acceptance of digital assets in the global arena as a potential investment alternative.

"The surge in the price of Bitcoin, which passed the level of $93,000, reflects the high interest of large institutions in crypto as one of the main assets in the investment portfolio," he said, Friday, November 15.

Oscar added that the moment when Bitcoin surpassed the value of silver was an important history.

"In the past, silver was once the currency in the world before finally being replaced by gold," he added.

He also highlighted the US CPI data in October 2024 which recorded an increase in inflation of 2.6 percent YoY as an important factor in the increase in bitcoin prices.

"With high inflation, bitcoin is considered an asset that can protect value and attract investors who are looking for a more stable investment alternative than traditional assets that could be affected by the decline in value due to inflation," he said.

In addition, Oscar sees great potential in regulations that support the crypto industry such as Financial Innovation and Technology for the 21st Century Act (FIT 21) and the Financial Innovation Act (FIA) in American policy, as well as new policies regarding regulatory transfer to OJK in Indonesia in 2025.

"Positive regulatory support will strengthen market developments and reduce the risks faced by crypto investors," he explained.

Oscar also said that Bitcoin's achievement as one of the world's largest assets is an important marker for the growing crypto industry.

"This status will increase public confidence in crypto and encourage wider adoption," he said.

In closing, Oscar is optimistic that Bitcoin still has room to grow further, especially if it is supported by a clearer regulatory framework and increasing public acceptance.