Bitcoin’s extraordinary price surge means its market capitalization now exceeds the annual output of whole economies, and the estimated worth of some of the world’s top billionaires.
With the debate over its bubble status still raging, the flagship cryptocurrency continued its march higher on Monday, solidifying above $11,000 and bringing its climb this year to more than 1,000 percent. With market tracker Coinmarketcap.com putting the total value of all bitcoins in circulation at $190 billion, it’s come a long way from August, when one coin could buy you a hefty supply of avocados.
Here are five things that have been eclipsed by bitcoin in terms of market capitalization:
New Zealand’s GDP
The South Pacific nation’s farm-and-tourism-led economy is valued at $185 billion, according to World Bank data as of July, putting it some $5 billion below bitcoin. The cryptocurrency’s market cap is also bigger than the likes of Qatar, Kuwait and Hungary.
Goldman Sachs, and UBS
Bitcoin’s run-up has even seen it valued more highly than two of the world’s most influential banks. Goldman Sachs Group Inc.’s market cap was $97 billion as of Friday, while Zurich-based UBS Group AG came in at about $67 billion. Add those numbers together and it still falls short of bitcoin…
Read Full: Bitcoin Is Now Bigger Than Buffett, Boeing and New Zealand
