Report reveals Bitcoin would rank as eighth largest bank in the world
Data gathered by LearnBonds have revealed that Bitcoin would rank as the eighth largest bank globally, with a market cap of $169.01bn. The asset’s high cap correlates with its impressive 27.18% ROI on a Year-to-Date basis.
From the data, JP Morgan Chase’s cap of $433.5bn, makes it the biggest bank in the world. Bitcoin would also rank lower than the Bank of America with a market cap of $306bn. ICBC ranks third with a capitalization of $290.9bn followed by China Construction Bank with a cap of $218.4bn.
Wells Fargo is the fifth-largest bank globally with a market cap of just $35.3bn more than Bitcoin’s. Other banks ranked higher in the market cap above Bitcoin are Agricultural Bank of China and Citigroup at $178.8bn and $171.5bn respectively.
Bitcoin’s current market cap has surpassed other major banks like HSBC that currently enjoys a cap of $157.5bn. Other banks with lower market cap than Bitcoin include The Bank of China’s ($146.6bn), China Merchants Banks ($137.7bn), Royal Bank of Canada ($116.6bn), HDFC Bank Limited ($112.7bn), Toronto Dominion Bank ($103.3bn), Commonwealth Bank of Australia ($101.6bn), and Morgan Stanley($93.09bn).
Compared to the stocks of major banks, Bitcoin holds a positive Return of Investment based on Year-to-Date overview. Bitcoin has an ROI of 27.18% with China Construction Bank Corporation coming second with an ROI of 2.52%. The Industrial and Commercial Bank of China has returns of 19.5%. JP Morgan Chase has an ROI of -29.58% followed by Bank of America’s -34.07% while Wells Fargo has the worst returns at -53.62%.
From the ROI review, Bitcoin has remained resilient against all odds. According to the LearnBonds research report: “In the first and second quarters of this year, the coronavirus pandemic wrecked the global economy leading to the crumbling of most stocks. Major stocks ROI has been in the red zone but Bitcoin appears not to have been impacted greatly. Largely, Bitcoin has remained resilient throughout this season despite occasional tumbling attributed to fear to spread from traditional markets.”