World’s most famous cryptocurrency, Bitcoin has it a market value of $1 trillion dollars. The currency had just recently hit the $50,000 milestone with a market capitalisation of over $970 billion.
The world famous cryptocurrency was trading below $54,000 for one Bitcoin earlier today before it rose up to $54,880, almost $55,000! The new figure is a new all-time high and obviously this would be beaten in no time. Bitcoin’s value has risen by about 350 percent in the last six month. Bitcoin had only experienced gradual and steady increase in value until this recent ferocious surge. One Bitcoin was worth about $28,700 in December 2020.
Bitcoin’s sudden surge has been influenced by quite a number of factors and investment from companies. Recently electric car company Tesla invested in Bitcoin with the sum of $1.5 billion and said that it would soon start accepting the cryptocurrency as a means of payment. The electric car company is owned by Elon Musk who is the current world’s richest man. America’s oldest bank; BNY Mellon also announced around the beginning of this month that it would start trading cryptocurrency for it’s client. Payments companies like Mastercard have also begin to accept cryptocurrencies on their platform. Even mobile payment apps have joined the train to accept Bitcoin as a means of payment.
People have begun to see the benefits Bitcoin (and extensively cryptocurrencies possess) and this is the reason why the currency has become so big and is causing such a demand that big firms and company who previously wouldn’t be associated with the currency, are now investing and associating with it.
Bitcoin has proved and is still proving to be a great asset for saving and investing and according to speculations from experts, the value of Bitcoin will continue to rise and get to $70,000 before the middle of the year.
Bitcoin has grown from almost nothing to the world’s most sought-after cryptocurrency. What a grass to grace story.
As at now, Bitcoin’s market capitalisation is greater with Tesla’s which has a market capitalisation of $700 billion.
Bitcoin entrepreneurs and investors have taken to social media to celebrate this new milestone. It is indeed worth celebrating!