Bitcoin (BTC) has officially entered the upper echelon of global finance, surpassing Alphabet Inc. (Google), silver, and Amazon to become the fifth-largest asset in the world by market capitalization. As of April 23, Bitcoin boasts a market cap of $1.87 trillion, placing it behind only gold, Apple, Microsoft, and Saudi Aramco.
According to updated data from CompaniesMarketCap.com, Bitcoin has edged past Google’s valuation of $1.859 trillion, highlighting a powerful surge in investor confidence amid turbulent global markets.
Bitcoin’s Ascent Outpaces Traditional Tech Stocks
Bitcoin has climbed more than 15% in April, outperforming many major technology stocks. While the Nasdaq 100 dropped 4.5%, BTC soared past $94,000, further cementing its status as a global macro asset class—one increasingly decoupled from traditional U.S. tech equities.
Market analysts interpret this momentum as evidence that Bitcoin is evolving into a global hedging instrument, benefiting from geopolitical uncertainty, shifting monetary policies, and broad economic disruptions.
Policy Winds Favor Crypto Growth
Adding to Bitcoin’s bullish narrative is rising optimism around former President Donald Trump’s monetary policy outlook. His executive order to form a Strategic Bitcoin Reserve (SBR) is nearing the end of its 60-day review, with early signs pointing to a supportive stance for institutional crypto adoption.
Trump’s promises to lower Chinese import tariffs and his criticism of Fed Chair Jerome Powell have also generated optimism across risk-on assets.
“Chatter questioning Fed independence is having positive spillover effects on BTC,” said Vetle Lunde, Head of Research at K33.
Analyst Fejau added, “Capital outflows from U.S. assets are likely to benefit Bitcoin, which offers high beta to a portfolio without the tail risks of U.S. tech.”
Bitcoin Now Doubles Tesla’s Market Value
Bitcoin’s market cap now stands at twice that of Tesla, the electric car maker that made headlines in 2021 for adding BTC to its balance sheet. Tesla’s purchase at roughly $33,500 per coin has since appreciated over 180%, earning the company more than $1 billion in unrealized gains.
Global Repricing and Institutional Tailwinds
More than a price rally, analysts believe this moment marks a structural shift in Bitcoin’s global status. Once viewed as speculative, BTC is now increasingly regarded as a store of value and macroeconomic benchmark.
“This market regime is what Bitcoin was built for,” Fejau noted. “Once the degrossing dust settles, it will be the fastest horse out of the gate.”
With institutional investment rising and technical indicators signaling strength, Bitcoin appears well-positioned to climb even higher in the global rankings. As the broader market reprices assets in response to monetary policy shifts and geopolitical uncertainties, Bitcoin’s momentum could prove just the beginning of a longer-term transformation.