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Bitcoin could Rank as the 8th Largest Bank Globally, Research Says

If Bitcoin were a bank, it would rank as the eighth largest bank globally with a market cap of $169.01 billion, according to data gathered by Buy Shares.

Bitcoin continues to lead the cryptocurrency sector towards mainstream adoption on a global scale by directly competing with traditional players like banks. The asset’s high cap correlates with its impressive 27.18% ROI on a Year-to-Date basis.

Bitcoin beats traditional markets in ROI

From the data, JP Morgan Chase’s cap 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).

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%.

From the ROI review, Bitcoin has remained resilient against all odds. Tthe Buy Shares research report reads, “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”.

Source : www.itnewsafrica.com

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