Bitcoin’s extraordinary price surge means its market capitalisation now exceeds the annual output of whole economies, and the estimated worth of some of the world’s top billionaires.
The South Pacific nation’s farm-and-tourism-led economy is valued at $185bn, according to World Bank data as of July, putting it some $5bn below bitcoin. The cryptocurrency’s market cap is also bigger than the likes of Qatar, Kuwait and Hungary.
Bitcoin’s run-up has even seen it valued more highly than two of the world’s most influential banks. Goldman Sachs Group’s market cap was $97bn as of Friday, while Zurich-based UBS Group AG came in at about $6bn. Add those numbers together and it still falls short of bitcoin.
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