Bitcoin reached a price of $29,575 on Thursday, giving it a market cap of $549 billion, surpassing Warren Buffett's entire Berkshire Hathaway empire at $543 billion. Market capitalization is calculated by multiplying the total number of BTC in circulation by Bitcoin's price. According to Trading View, Bitcoin is now more valuable than Berkshire Hathaway, Visa, MasterCard, Johnson & Johnson, Walmart, JP Morgan Chase, Procter & Gamble, Disney, PayPal, and majority of other S&P 500 companies. Berkshire Hathaway, founded in 1839 in New Bedford, Massachusetts, was taken over by famed investor Warren Buffet in 1965 and is now one of the largest public companies in the world. The overall return of Berkshire Hathaway’s stock from 1965 to 2019 was 2,744,062%, generating an annualized rate of return of 20.3% over the period, compared to only 7.03% by the S&P 500. It's incredible that Bitcoin could pass the value of Berkshire Hathaway despite being founded 169 years later, and 43 years after Warren Buffett took over as the chairman and largest shareholder. Bitcoin would need to grow another 30% to reach Tesla's market cap, 55% to reach Facebook, 137% to reach Google, 226% to reach Amazon, 236% to reach Microsoft, and 351% to reach the market cap of Apple (assuming these companies don't grow). Buffett famously called Bitcoin "rat poison squared" in a CNBC interview in 2018 and he doubled down on his stance in another CNBC interview in 2019 by calling cryptocurrency trading "dementia". He claims that blockchains have some merit, but compared Bitcoin to a button on his jacket or a seashell, “It doesn’t do anything. It just sits there. It’s like a seashell or something, and that is not an investment to me." The second largest cryptocurrency by market cap is Ethereum (ETH) at $83 billion, followed by Tether (USDT) at $21 billion.