Amazon CEO Jeff Bezos Is Now Worth More Than Bitcoin’s Market Cap
Jeff Bezos has changed the definition of what being rich means in recent times. Before him, that title had belonged to Bill Gates for the longest of time. Bezos became the first person in this century to cross $100 billion in net worth in 2017. At the time, most people thought that the global markets would crash like in 2008. This would plummet his net worth too. However, the opposite has happened.
Whole New Level
Amazon stocks have seen a surge in 2020 despite the coronavirus pandemic. After a small and short-lived dip in the share price, they quickly rebounded. In fact, the share prices hit new all-time highs. After surging 4.4%, the prices reached $2878.7 on Wednesday. It is this increase that has skyrocketed his net worth. At the time of writing, the share price is now at $2890.
The way Amazon is spreading its roots in almost everything, this price is unlikely to come down anytime soon. In a pandemic stricken world, Amazon’s service has only become a necessity. This is unlikely to slow down. If the trend continues, his net worth might even surpass the total market cap of cryptos. Currently, the total crypto market cap is about $260 billion. It’s a bit far, but suddenly possible if cryptos don’t see a price surge soon.
Can Bezos Buy All the Bitcoin?
Many people are wondering whether Jeff Bezos can buy all the bitcoins in circulation. After all, he is worth more than its market cap, so it should make sense. However, that’s not how things work in the financial markets. The moment Bezos starts buying bitcoin on the free market, the prices start increasing. The greater the purchase, the higher the price rises.
So, technically, he can never buy out every single bitcoin in circulation. This is because the prices will keep rising and rising, surpassing his net worth quickly. Also, there might be thousands of people who wouldn’t want to sell their bitcoins no matter what. These are the true believers in the crypto ecosystem. For them, it is more about the technology than the price.
Also, there have been millions of bitcoins that have been lost because of one reason or the other. These can never be retrieved. Plus, the most important piece of the puzzle is Satoshi’s coins. It is reported that the inventor of Bitcoin, Satoshi Nakamoto, could have 1 million bitcoins. It is unlikely to come out into the open and sell his bitcoins ever.