Bitcoin brushed aside one of the world’s largest companies on Wednesday, vaulting past Amazon with a market capitalization of roughly $2.205 trillion.
The symbolic crossover unfolded on the 15th anniversary of “Bitcoin Pizza Day,” adding a layer of historic resonance to the rally.
Market data showed the token trading just above $110,000 during the session, a price that briefly set a fresh all-time high.
By valuation Bitcoin now sits as the fifth-largest asset globally, trailing only gold and three corporate heavyweights.
Alex Obchakevich, founder of Obchakevich Research, hailed the feat, saying, “By surpassing Amazon in terms of capitalization, Bitcoin has attracted even more attention from the non-crypto audience.”
He argued the advance “will strengthen confidence in Bitcoin and lead to new injections into the crypto market.”
Obchakevich pointed to a shifting ownership landscape, noting, “In May, BlackRock became the second largest bitcoin holder after Satoshi Nakamoto, surpassing Binance in this indicator.”
Institutional appetite widens
Exchange-traded funds tracking the asset booked net inflows of $604 million on May 21, underscoring the steady drumbeat of professional demand.
Hassan Khan, chief executive of liquidity platform Ordeez, called the moment “a structural change,” adding, “Bitcoin is no longer simply a hedge, it’s in the process of becoming a benchmark currency.”
Shruti Kohli, head of global business development at Bitrue, struck a similar chord, describing the surge as “a strong signal for the digital economy.”
“Bitcoin is proving itself as a legitimate macro asset class,” she continued.
“Surpassing Amazon’s market cap is not only drawing massive attention but also helping Bitcoin position itself alongside established market giants.”
Caution from skeptics
Not everyone is convinced the headline number carries lasting weight.
Stan Low, research lead at hybrid exchange GRVT, contended that “the fundamental principles of Bitcoin and its underlying mechanisms have always been, and are, still the same, despite the asset’s recent surpassing of Amazon’s market cap.”
He warned that headline comparisons could obscure the cryptocurrency’s well-known volatility.
While price discovery has quickened, open interest across the derivatives complex already exceeds $750 billion, inviting the possibility of swift reversals.
Bigger targets on the horizon
Obchakevich nevertheless believes momentum favors the bulls, stating, “We are moving gradually towards $200,000, with gradual adjustments.”
“I am sure that this year we will see Bitcoin at $150,000 and $90,000,” he said, underscoring the broad trading range many analysts now accept.
Khan echoed that optimism, arguing that “large net inflows to ETFs and increasing open interest demonstrate that institutional confidence is growing.”
“Short term profit taking and macro rate uncertainty are tempering momentum,” he acknowledged.
“But below-the-surface metrics […] point to continued high conviction.”
Pizza Day perspective
The milestone coincided with the annual celebration of Laszlo Hanyecz’s 2010 purchase of two pizzas for 10,000 BTC, a reminder of the asset’s rapid evolution.
Ulli Spankowski of Boerse Stuttgart Group observed, “What was once considered a highly speculative risk has evolved into a serious asset class.”
He added that Bitcoin now “boasts a market capitalization of over 2 trillion US dollars, ranking it as the fifth-largest asset globally, behind gold and the three largest publicly traded companies.”
For enthusiasts, topping Amazon serves as proof of concept; for critics, it is one more data point in an unpredictable market still in price discovery.