The trillion dollar market value has a new member: Bitcoin. The total number of bitcoins traded is now worth more than $ 1 trillion together.
That’s because the price of a Bitcoin hit a series of new all-time highs on Friday. A Bitcoin currently costs nearly $ 53,400 – and there are around 18.6 million Bitcoins in circulation, according to Coinbase. (The total number of bitcoins ultimately available is limited to 21 million.)
Of course, there is no apple-to-apple comparison to compare Bitcoin to big companies with sky-high ratings like Apple. But for what it’s worth, only four companies in the US are currently worth more than Bitcoin: Apple, Microsoft, Amazon, and Google-owned Alphabet.
Bitcoin is currently worth around $ 225 billion more than Tesla, the company most responsible for the recent rise in the price of cryptocurrency.
The electric car juggernaut, led by Elon Musk, announced earlier this month that it now has $ 1.5 billion worth of Bitcoin in its corporate coffers. Tesla also said it wanted consumers to use Bitcoin to buy their cars and SUVs.
This news has sparked speculation that other large corporations might soon add Bitcoin or other cryptocurrencies to their balance sheets, given that Bitcoin generates significantly higher returns than bonds and cash.
Corporate America validates Bitcoin. Payment giants Square and PayPal let their users buy and sell it. The credit card processing giants Visa and Mastercard also accept cryocurrencies.
A top strategist at BlackRock, the world’s largest wealth manager, said on CNBC this week that the company has started looking at Bitcoin as an investment.
All of this has helped spark a wave of buying by average investors. Consumer research firm Piplsay wrote in a report on Thursday that half of the 30,000+ consumers surveyed about Bitcoin this week thought it was “safe” to invest in cryptocurrencies.
Bitcoin prices are up more than 80% so far this year, and investors are also exploring other cryptocurrencies with gusto. Ethereum, the second largest cryptocurrency in the world with a total value of around $ 220 billion, has more than doubled this year.
And the price of Dogecoin, a currency that originally started as a dog-meme-based joke, has also skyrocketed this year after Musk penned several bullish tweets about it and endorsed traders on Reddit.