Climbing the Asset Ladder
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And now, for the weekly roundup…
Bitcoin broke $111,000 last week, setting a new all-time high and overtaking Amazon to become the fifth-largest asset in the world by market cap. Notably, this recent move hasn't come on the back of retail mania or widespread euphoria. Instead, supply continues to be quietly absorbed by long-term holders—individual savers, corporate treasuries, covert sovereign entities, and soon, U.S. state-level governments.
Last week, Texas successfully passed legislation establishing a Strategic Bitcoin Reserve. If it were its own country, Texas would rank as the 8th largest economy in the world—making this a meaningful signal on the global stage. Similar bills are advancing in other states as well, reinforcing the sense that bitcoin offers a foundation of certainty in an otherwise unstable monetary landscape.
JP Morgan, historically reluctant, is now providing clients access to bitcoin—not necessarily because their philosophy has changed, but because client demand is becoming impossible to ignore.
And while capital shifts into harder assets, the macro backdrop continues to decay.
Global bond yields are rising. Governments are taking on more debt. Institutional trust is eroding. In this environment, bitcoin continues to gain credibility as a logical tool to preserve wealth.
Reframing the Global Asset Leaderboard
Bitcoin’s ranking among the world’s largest assets has sparked conversation—but many of the most shared charts paint an incomplete picture. They tend to focus narrowly on public equities and precious metals while leaving out massive categories like global fiat (M2), fixed income, and real estate.
The revised table below highlights a broader and more accurate view of the global asset landscape. When we zoom out, bitcoin’s position becomes even more impressive—and its upside more obvious.
It’s already passed nearly every individual equity besides Apple, NVIDIA, and Microsoft. From here, bitcoin will increasingly be measured against entire asset classes—gold, treasuries, bonds, and national currencies. As more allocators recognize this shift, the case for bitcoin as a core holding—not a speculative flyer—grows stronger.
Still Early
Most people still aren’t paying attention. That’s what makes this moment so fascinating. Bitcoin is climbing the global asset leaderboard. Federal, state, and local governments are adopting it. The banking system is beginning to accommodate it. Corporates and institutions are beginning to accumulate. Every day, a new decision-maker wakes up and realizes that zero bitcoin exposure no longer feels prudent.
Chart Of The Week
"$107K Bitcoin vs. Long-term US Treasury bonds. At a certain point it has nothing to do with gains and everything to do with financial survival. Bitcoin is not a nice to own. It's a must own."
Quote of the Week
"Our country's fiscal situation is undoubtedly extremely poor, worse than Greece's."
— Prime Minister of Japan, Shigeru Ishiba
Podcast Of The Week
Bitcoin For Professionals: From CFA to Bitcoin Maximalist: Why Bitcoin Is the Only Asset I Trust Now
What would drive a CFA to walk away from fixed income, real estate, and traditional portfolio theory?
Rajat Soni, CFA explains how disillusionment with legacy finance led him to Bitcoin, not as a speculation, but as a rational benchmark for long-term wealth preservation.
Subscribe to Onramp MENA’s YouTube channel to catch new episodes of the Bitcoin For Professionals podcast!
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