For the third time this year, Bitcoin market capitalization has exceeded Alphabet, the mother company of Google, reporting its recent solid performance. This upward trend is marked by Bitcoin reaching a new price threshold of $ 100,000 and the wider cryptography industry obtaining key legislative success in the United States.
Matthew Sigel, head of digital asset research of the Vaneck global investment company, described the outperformance by Bitcoin of technology giants like Google as a “poetic justice”. For him, it is a sign that the world of investment finally wakes up to the perceived value proposal of Bitcoin.
Bitcoin ascent on technology giants
It was an excellent year for Bitcoin, and the wider cryptographic community revel in its success. This also keeps traditional technology on high alert.
This Friday, Bitcoin market capitalization reached $ 2.13 billions of dollars, exceeding the alphabet of $ 30 billion. Although the difference is minimal, its meaning is monumental, especially since it was not the first time that the alphabet exceeded by Bitcoin.
Until now this year, Bitcoin has twice a similar feat, once in April and again in May, taking the place of alphabet as the fifth largest asset in the world and dragging closely behind Amazon.
Meanwhile, cryptographic actions are also delighted with their own gathering.
Crypto actions come together in the midst of legislative victories
The actions of companies strongly involved in the blockchain sector have experienced a recent increase in performance. Coinbase shares increased by 53% for the start of the year, reaching a high point of $ 379.
Other actions related to cryptocurrency, including those of the Bitcoin Treasury portfolio company, also increased while Bitcoin price reached $ 106,000. Mining companies like Riot and Mara have also experienced gains.
This solid gathering was also fueled by other notable events, such as the recent approval of the American Senate of the Act on Engineering. Adoption has marked a significant legislative change towards pro-Crypto policies in an industry that was previously faced with a hostile environment.
According to Sigel, the increase in crypto stock values indicates a clear and significant change in Bitcoin’s reputation, solidifying its viable investment status.
“Cryptographic actions come together because Wall Street finally gets it: the choices and traffic jams of ONCHAIN’s economy are no longer scientific experiences. These are tolls on a new financial superhigne,” he told Beincrypto.
For him, these events signify an increasing importance of Bitcoin while simultaneously revealing the decreasing force of its longtime competitors.
Poetic justice for bitcoin
The news of the Bitcoin market capitalization reminded Sigel a newsletter that he wrote eight years ago when he worked as a portfolio strategist in another investment bank. It was entitled “Google is bad”.
The central theme of the issue has strongly criticized the immense power of the market and the societal influence of major technological companies.
Sigel argued that giants like Google and Facebook worked like harmful monopolies who had a negative impact on the company. He particularly condemned Google’s “rent behavior”, saying that he used his dominant position to control cultural accounts and undermine democratic principles.
He ended the newsletter by revealing that he had made his first purchase of Bitcoin, although through a trust. He paid an entry price of $ 306.
The underlying infrastructure of Bitcoin and the decentralized nature remain key advantages that Sigel defends to date. For him, the repeated overcoming of Google Bitcoin reflects that the technology finally receives the recognition it deserves.
“Regarding Bitcoin which returns Google, what a poetic justice. One sells your data, the other sells you freedom. In a global surveillance and debt drowning, investors opt for rarity and autonomy,” he said.
If Sigel’s Bitcoin bets are as precise as those he made in his 2017 newsletter, then Bitcoin holders benefit considerably.
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