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Bitcoin market cap surpasses $1 trillion

Randy Mancini 23 Feb 19

NEW YORK, NEW YORK – FEBRUARY 08: A bitcoin ATM is seen inside the Big Apple Tobacco Shop on February 08, 2021 in New York City. Tesla announced on Monday that it purchased $1.5 billion worth of bitcoin. (Photo by Michael M. Santiago/Getty Images)

Bitcoin’s value continues to surge to new record highs. On Friday, the digital currency’s market value rose above $1 trillion for the first time ever. According to reports, the value of a single bitcoin surpassed $56,000.

According to @CoinMarketCap, #Bitcoin's fully diluted market cap just broke $1 Trillion!

— Binance (@binance) February 12, 2021

Bitcoin rose about 350 percent over the last six months as digital currencies became more mainstream. There were just 21 million total bitcoins created with about 18.5 million mined so far.

Time to reach $1 trillion market cap:

Bitcoin:      12 years

Google:      21 years

Amazon:    24 years

Apple:        42 years

Microsoft: 44 years

— Jon Erlichman (@JonErlichman) February 19, 2021

The value is expected to skyrocket further as more companies start accepting digital currency as a form of payment. In early February, for example, the Bank of New York Mellon — the oldest bank in the United States — announced that it would move into the digital currency space. Tesla also recently announced that it will begin to take Bitcoin payments for its products.

Tesla’s action is not directly reflective of my opinion. Having some Bitcoin, which is simply a less dumb form of liquidity than cash, is adventurous enough for an S&P500 company.

— Elon Musk (@elonmusk) February 19, 2021

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