The current bitcoin market cap is small enough that Apple could buy every single coin in existence, twice.
Apple announced their earnings a few days ago and became the first trillion dollar company in US history.
They are not the first company ever to have a trillion dollar valuation as PetroChina reached that milestone back in late 2007 when it launched on the Shanghai Stock Exchange.
However, due to a collapse in oil prices and a global recession, it lost more 75% of its value over the coming year.
It is said to be the largest destruction of share holder wealth in world history.
Apple, however, will likely not repeat that same price action.
Apple could buy every bitcoin in existence, with cash.
On Apple's earnings release, they announced that they now have $244 billion in cash on their balance sheet.
(Which is actually a drop from the $269 billion they had previously)
Currently bitcoin is sporting a market cap of $120 billion, which means, hypothetically, Apple could buy every bitcoin in existence two times over with its giant $244 billion cash hoard.
Yes yes I know, Apple couldn't really buy every coin as prices would start running up as they started to buy and it would likely cost much much more in order to actually buy every single coin.
Though, one must also consider some coins are lost forever, which means it would take less money to buy all the tradeable bitcoins currently than the market cap might indicate.
Either way it is still a fun idea to throw out.
(Source: https://coinmarketcap.com/)
But wait, there's more...
What's more, Apple could actually buy just about every coin of every cryptocurrency listed on coinmarketcap right now.
Um, what?
Yes, the current market cap of all 1769 coins listed on coinmarketcap is roughly $250 billion.
With Apple's $244 billion cash hoard, they could almost buy every single coin of every single currency listed on coinmarketcap.
Which means, in theory, Apple could buy the entire cryptocurrency industry, with cash!
Put that in your pipe and smoke it.
Stay informed my friends.
Image Source:
Follow me: @jrcornel