Bitcoin, the foremost cryptocurrency, has reached a significant milestone by eclipsing the market capitalization of Berkshire Hathaway, the investment powerhouse led by Warren Buffett. This achievement has stirred substantial interest in both financial and cryptocurrency circles, particularly because Buffett has been a long-standing opponent of Bitcoin.
Anthony Pompliano, a well-known venture capitalist and partner at Morgan Creek Digital, often referred to as ‘Pomp’ in the cryptocurrency sphere, brought this groundbreaking news to light on a social media platform. The event marks a notable contrast between Bitcoin’s growing influence and Buffett’s critical stance on the digital currency.
Bitcoin's market cap is now higher than Berkshire Hathaway's market cap. — Anthony Pompliano 🌪 (@APompliano) December 4, 2023
Despite his skepticism towards Bitcoin, there have been reports indicating that Buffett might indirectly own a small amount of Bitcoin and TRON (TRX), a situation that has raised eyebrows within the cryptocurrency community. This indirect exposure is believed to have come from Justin Sun, the founder of Tron, who once presented Buffett with a smartphone containing Bitcoin and TRX during a charity dinner.
Pompliano, previously a staunch advocate for Bitcoin, has diversified his investment strategy beyond the cryptocurrency. He previously predicted Bitcoin would hit $100,000 within a few years but has since acknowledged the unpredictability of the market. Despite not reaching his projected target, Bitcoin did experience a significant surge, reaching a peak value of $69,000 in October 2021.
Bitcoin Surpasses Berkshire Hathaway $788B Market Cap
According to recent data from CoinMarketCap, Berkshire Hathaway’s market capitalization is currently valued at $788.13 billion, while Bitcoin has surpassed this, reaching a market cap of approximately $813.5 billion. Pompliano’s announcement on social media highlighted this achievement, comparing Bitcoin’s 1,000% increase over five years to Berkshire’s 76% rise in the same period.
Buffett’s disdain for Bitcoin is widely recognized in the crypto world, where he famously described it as ‘rat poison squared.’ His colleague, Charlie Munger, shared similar views but passed away at the age of 99, having maintained his critical stance until the end.
The current state of Warren Buffett’s portfolio, valued at $118.5 billion, places him among the top wealthiest individuals globally. However, this recent development in Bitcoin’s market cap surpassing Berkshire Hathaway’s adds a new dimension to the ongoing discourse between cryptocurrency and traditional finance. It also raises questions about whether Buffett will reassess his views on Bitcoin, considering its growing prominence in the financial sector.”
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