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Since the outbreak of the new crown pneumonia, the market value of the world’s 14 largest banks has lost $635.33 billion. This is more than three times the current market value of Bitcoin (BTC) and almost twice the market value of all cryptocurrencies.
For reference, the market value of Bitcoin at that time was 130 billion USD. As the world enters a recession triggered by the pandemic, the market capitalization of the six banks on the list is higher than that of Bitcoin. Currently, only JPMorgan Chase and Bank of America have a higher market value than Bitcoin. The market value of Industrial and Commercial Bank of China is also very close to Bitcoin.
However, the market value of every bank on the list has shrunk by billions of dollars, while Bitcoin has increased by 62 billion dollars (48%) over the same period.
As previously reported, the world’s largest pension fund lost the market value of Bitcoin in a quarter. At the same time, it can be seen from the growth of Grayscale Bitcoin Trust Fund that Bitcoin has gained unprecedented recognition among traditional investors. A publicly listed company even recently used Bitcoin as a reserve currency.
Although the big banks are unlikely to disappear in the short term, they seem to be trying to redefine their value proposition. Their loss of market value may even be partly caused by the recent trillion-dollar economic stimulus plan of central banks around the world.