Infographic: How “fear of missing out” likely helped Bitcoin to overtake Visa

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Bitcoin soared beyond all forecasts, marking a new all-time high of $28k. This new ATH was almost $10k higher than its 2017 price point and resulted in Visa’s market capitalisation surpassing its valuation. The chart below explains the advancement of the digital asset, along with the second largest cryptocurrency on the market, Ethereum.

Source: Ecoinometrics

The above chart noted that, as the price of BTC is approaching $30k, the coin could exceed Tesla’s market capitalisation. However, among other tech giants, Bitcoin’s next value target will be Facebook, Google, and Apple.

In order for BTC to exceed Facebook’s worth, it’s going to have to hit $41k. Given the price momentum witnessed on the market, this target may not be entirely unachievable. The explanation for such an increase in momentum can be related to the increasing institutional interest in the market.

Over the past few months, Paypal, Grayscale, MicroStrategy and Square have all included Bitcoin in their investment portfolios. According to Bitcoin Treasures, more than 1.1 million BTCs worth more than $30 billion worth of crypto assets have been held by various businesses.

According to the above table, MicroStrategy now owned more than 70k BTC, followed by Galaxy Digital Holdings with 16,651 BTC and Square with 4,709 BTC. There are 29 companies holding Bitcoin in place of conventional reserves, such as stocks and currency. This growing interest has triggered a scarcity shock and, as a result, has also contributed to a FOMO-driven buying spree.

FOMO-driven curiosity would add more to the momentum and price surge, making it more likely for the digital asset to overtake the social media giants. However, as the price increase has been abrupt, a price adjustment could be underway, but this will not dissuade the attention of the holders as the value store narrative remains untouched.

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