On Wednesday, the market capitalization of bitcoin exceeded Saudi Aramco, the world’s largest oil company. According to CompaniesMarketCap, a popular leaderboard that excludes many private assets, bitcoin ‘flippened’ the company for a few hours during Wall Street’s lunchtime. 

That achievement came mere minutes after bitcoin surpassed a popular albeit imprecise measure of the world’s mined silver: 1,751,000 metric tonnes.

Although bitcoin’s retracement to a $1.7 billion market cap on Thursday reinstated the $1.8 trillion Saudi Aramco to its higher rung, bitcoin is still higher than silver and very close to re-flippening Saudi Aramco.

In any case, Bitcoiners are already looking past the oil giant and precious metal. Scanning toward the top of the list, they are seeking their next target to flippen.

Above Saudi Aramco on the leaderboard sit Google, Amazon, Microsoft, Apple, NVIDIA, and gold. Which of these will bitcoin flippen next?

The next assets for Bitcoin to flippen

Because assets on CompaniesMarketCap are marked-to-market on a daily basis with changing prices, their rank fluctuates periodically. Nevertheless, as of publication time, the easiest asset to surpass on that list is Alphabet (Google) with its $2.1 trillion market cap.

Bitcoin would need to rally 23% from its current value to surpass that company and rank sixth on the leaderboard.

Close to that number is Amazon, just $0.1 trillion higher than Google as of publication time. A 29% rally for bitcoin from today’s $87,600 price would outrank Amazon.

Above that number is rarified air. At the exosphere of public companies is NVIDIA at $3.6 trillion — more than double the size of bitcoin.

Atop the leaderboard is gold, the world’s most valuable precious metal by total mined supply. Although many gold bugs dispute the amount of gold secretly amassed over millennia in India, China, Russia, and other countries, a popular estimate of its above-ground supply is 208,874 metric tonnes.

Read more: Bitcoin breaks $93,000 amid rumors that Saudi, UAE, or Qatar is buying

What bitcoin needs to flippen gold

If that tonnage is accurate — as with silver, mined supply is a big assumption — then gold has a market cap of $17.2 trillion today.

In percentage terms, gold is at least 900% higher than bitcoin’s market cap. If Asian countries have secret stores of gold, that percentage would increase.

Of course, CompaniesMarketCap does not list many other assets that bitcoin could flippen. There are parks, militaries, real estate, and countries. Residential real estate in Australia alone exceeds $10 billion, for example.

Whether bitcoin will flippen Google, NVIDIA, gold, or any meaningful percentage of global real estate remains to be seen. Certainly, bitcoin does not fit neatly into any prediction model. It has the ability to become one of the world’s biggest assets if its bullish trend continues.

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The post Bitcoin flippened silver and Saudi Aramco — are Google and Amazon next? appeared first on Protos.

Bitcoin and gold are both booming in a global bull market that has seen Total World Indices soar a staggering 28% in the past 12 months. With both assets at or near all-time highs, many traders might understandably assume that they’re correlated.

In reality, however, gold and bitcoin are less correlated than ever. Unlike gold, which is at all-time highs, bitcoin is actually 6% lower than its own all-time peak. 

Moreover, a standard correlation value of bitcoin to gold has fallen from over 50% four years ago to nearly 0 today. Indeed, if traders look at a 90-day smoothed price chart of bitcoin and gold, they will find fewer similarities than ever.

Specifically, in October 2020, bitcoin’s average daily returns over rolling 90-day periods used to have a positive, 50% correlation to the rolling 90-day returns of gold. Nowadays, however, bitcoin trades completely independently of gold.

Bitcoin’s 90-day correlation to gold is currently just 0.04.

Read more: Larry Fink flips on bitcoin, ‘digital gold’ not ‘index for money laundering’

Correlations can range from 1 — a perfect correlation where two assets always rally together — to -1, which is a perfectly negative correlation where two assets always trade in opposite directions.

Bitcoin’s 0.04 correlation to gold means that the average returns of gold have almost no impact on the average returns of bitcoin over a rolling three-month period. If bitcoin is digital gold, as has been claimed, it certainly hasn’t been trading like it over the past 90 days.

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Tether has announced the launch of a new asset called Alloy, a smart contract-issued over-collateralized asset backed by Tether Gold. 

Currently, the documentation for this product states that if the value of Alloy tokens you mint exceeds 75% of the value of the collateral deposited, then the smart contract will liquidate the position. 

Tether Gold is an older gold-backed asset issued by the company that is pegged to the value of gold and is supposedly backed by gold held in Switzerland.

The normal USDT pegged to the value of the US dollar are also backed by gold owned by Tether, with its most recent attestation noting over $3.6 billion in ‘precious metals,’ which is described as ‘physical gold bars owned by the Tether International Limited.’

The value of the gold bars backing USDT is approximately seven times larger than the total amount of gold held for Tether Gold at the time of the last attestation.

Read more: A decade without an audit, Tether says it’s a new business

In some sense, Tether has consolidated its reserves across multiple stablecoins, including its Mexican Peso stablecoin, its offshore Yuan stablecoin, and its Euro stablecoins. This means they are also backed by this gold and Tether Alloy is the sixth gold-backed asset issued by the firm.

Tether further claims that Alloy will be “an open platform that” will allow the creation of assets backed by a variety of other assets, “including yield-bearing products.”

Tether chief exec Paolo Ardoino has already taken to X to warn users that it’s not doing an airdrop, following the emergence of a number of impostor websites.

Currently, the website for Alloy says the market capitalization is less than $4 and has 0.00 kilograms of gold backing it. 

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