It also now outranks Bank of America, as well as payments giants Mastercard, PayPal and Visa, after seeing its overall value increase nearly six-fold since the start of the year.
There’s no clearer sign that alternative currencies have cemented their position in the mainstream.
Central banks are looking to curtail the surging growth of alternative currencies otherwise they risk losing the control they’ve long wielded over consumers.
This is the fastest network in history to a trillion dollars of value,” Mark Yusko, chief investment officer of the hedge fund Morgan Creek Capital Management, told CNBC.
“There are important counter-trends to this — like encryption and cryptocurrency — that take power from centralized systems and put it back into people’s hands,” he wrote.
Nearly 2 million people have voted already, with more than three quarters of respondents saying that Tesla should accept dogecoin.
Despite plugging the meme-based crypto on SNL, he also acknowledged its inherent lack of value.