Cryptocurrency king Bitcoin is now the biggest monetary service in the planet with the industry cap surpassing Visa. Bitcoin is now valued at $508.97 billion, ahead of the $460.06 billion industry cap of Visa, according to Companiesmarketcap. The value of Bitcoin crossed the $27,000-mark to hit a new all-time higher of $27,375, according to Coindesk, at the time of filing this report. While Bitcoin and Visa could not be compared as the former is a peer-to-peer software program technique and the latter is a for-profit enterprise, the digital currency is theoretically the 11th biggest firm globally primarily based on its industry cap, ahead of other organizations like Samsung, Walmart, Berkshire Hathaway, Coca Cola and more.
However, not just Bitcoin, Visa as well is “very interested” in cryptocurrencies “that ultimately becomes fiat-based so there’s clear understanding of the value when there’s an exchange of crypto for the purchase of a good or a service,” its Chairman and CEO Alfred F. Kelly, Jr. told CNBC in November. Visa is currently working with about 25 crypto organizations globally wherein the firm is facilitating placing a Visa credential in their technique exactly where a single can convert his/her “crypto based on a fiat currency and put the funds in a wallet where you can use them at anywhere Visa is accepted and it’s a way of making those funds cross our network,” added Kelly.
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Amid the surreal Bitcoin rally, Coinbase CEO and Co-founder Brian Armstrong had not too long ago warned crypto investors of the inherent ‘risk’ in the asset class. “We cannot emphasize enough how important it is to understand that investing in crypto is not without risk. For one, crypto can be a volatile asset class — often more so than the types of traditional financial instruments that most investors are used to. For example, this means that the market can move in either direction much faster than equity markets,” Armstrong had mentioned in a firm weblog post final week.
Among the top rated 10 monetary service firms following Visa, as of December 27, 2020, have been JPMorgan Chase ($379.56 billion), Mastercard ($334.96 billion), PayPal ($279.61 billion), Bank of America ($259.17 billion), Industrial and Commercial Bank of China ($257.97 billion), China Construction Bank ($185.31 billion), Agricultural Bank of China ($163.92 billion), SoftBank ($140.75 billion), and Bank of China ($129.82 billion).