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Bitcoin Is Still Worth More Than America’s Largest Bank

2 mins
Updated by Ali M.
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In Brief

  • Bitcoin’s market cap is over 22 billion more than JP Morgan, America’s largest bank.
  • If Bitcoin makes a new all-time high, it will be worth more than America’s top four banks combined.
  • The inflation rate is at 10.1%, the highest in the past 40 years.
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Bitcoin beats America’s largest bank- JP Morgan Chase & Co’s market cap. Can Bitcoin replace gold?

As of writing, the market cap of America’s Largest bank- JP Morgan, stands at nearly $345 Billion, whereas the market cap of Bitcoin is  $368 Billion. It has fallen from an all-time high of $69,000 to $19,000, but despite the fall of more than 70%, it is still larger than JP Morgan.

The evolution of finance

Finance has evolved over the years. The fiat system that the world is using has various demerits. Finance, as we know, has gone through multiple stages of evolution. 

The first mode of exchange was the barter system, wherein people exchanged their goods with others’ goods. Then gold or other metal coins were used as a mode of exchange. There was a problem carrying huge quantities of gold.

Thus the government introduced currency notes backed by gold. Later, President Richard Nixon introduced the fiat system in 1971, wherein the currency notes were no longer backed by gold.

Bitcoin: The future of finance

Fiats money is centralized, which means the countries’ central banks have the power to print more fiat money. As the supply of money increases in the economy, it can lead to inflation.

The FED printed $3 Trillion during the Covid crisis. It has led to an inflation of 10.1%, a record high for the past 40 years. This has proved that fiat is not a store of value. 

Bitcoin BTC
Source: Twitter

The total supply of Bitcoin is capped at $21 million. Hence it cannot be printed whenever some central authorities want to. The cap in supply makes the largest crypto a store of value and practically inflation-proof.

Bitcoin vs. Banks

The banks operate in fiat. They offer various facilities like transfer of money, cross-border payments, lending, and borrowing, etc. However, the key is centralization here. The control of customers’ money is with the centralized authorities running the banks.

Bitcoin can do cross-border transactions faster than traditional banks. Decentralized Finance (DeFi) will enable lending and borrowing without a need for centralized authorities. Institutes like Square are focusing on launching Bitcoin-focused DeFi Platforms.

With these factors in focus, the community believes that Bitcoin will replace banks. This justifies the market cap of Bitcoin to be larger than America’s Largest Bank- JP Morgan.

For the latest BeInCrypto Bitcoin (BTC) and crypto market analysis, click here

Top crypto platforms in the US | March 2024



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Harsh Notariya
Harsh Notariya excels in delivering SEO-optimized crypto news under tight deadlines. Previously, as a Growth Marketer at Sporty and a Community Consultant at Totality Corp, he significantly boosted community engagement and followers. Harsh also crafted engaging content for top crypto influencer Shivam Chhuneja, blending meme references for an educational yet fun experience. His versatile skills make him a notable figure in crypto journalism.