Bitcoin's market capitalization has surpassed major stocks such as Goldman Sachs and Morgan Stanley, after the cryptocurrency hit an all-time high on Friday.
The virtual currency hit a record high of $5,856.10 in the early hours of Friday morning, according to data from industry website CoinDesk. Its market capitalization, which is the total value of all the bitcoin in circulation, reached $96.7 billion, according to Coinmarketcap.com.
Of course, bitcoin is not a stock. But if it were, its market cap would surpass that of some big companies, including the following:
- BHP Billiton with a market cap of $96.6 billion
- Goldman Sachs with a market cap of $92.9 billion
- Morgan Stanley with a market cap of $89.1 billion
- Netflix with a market cap of $84.5 billion.
Many investors see bitcoin as a commodity or currency. It also has a finite supply at 21 million bitcoin that will not be reached for several years.
The catalyst for the recent rally, which began Thursday, was speculation that China could reverse its ban on cryptocurrency exchanges.