Bitcoin once again captured investors’ attention after it surged to $123,236 on Sunday, July 13, according to TradingView, before dropping to the current level of $117,500 per coin. As reported by Bitcoin News, this move made Bitcoin the 5th most valuable asset in the world, with a market capitalization exceeding $2.45 trillion.

Bitcoin surpasses silver and Amazon

With this performance, it overtook silver, whose market value hovers around $2.22 trillion. It also edged past Amazon, competing closely for the 5th spot in the ranking, according to data from CompaniesMarketCap.

Right ahead of BTC remains Apple with a capitalization of $3.15 trillion. However, BTC still has a substantial gap to close – to surpass Apple, it would need to increase its market cap by over $700 billion. In the long term, though, this may not be an insurmountable challenge.

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Bitcoin could rival gold

Many long-term BTC holders believe this digital currency has the potential to become the most valuable asset in the world. Thanks to its limited supply, decentralized nature, and growing global adoption, they see it as a strong contender to traditional stores of value like gold.

For these investors, Bitcoin is not only an alternative to fiat currencies but also a safe haven in times of economic uncertainty. With rising demand and limited availability, they believe it’s not a matter of if BTC catches up to gold, but when it happens.

Still, the $1 million target doesn’t discourage the cryptocurrency’s biggest proponents. Among those who believe BTC will one day exceed $1 million are Cathie Wood (Ark Invest), Michael Saylor (Strategy), Mike Novogratz (Galaxy Digital), Arthur Hayes (Bitmex), and Robert Kiyosaki. According to them, BTC still has immense potential to become the dominant global store of value.

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