Bitcoin’s Value Skyrockets to $1 Trillion as Price Hits $54,000
Written by
Yaël Bizouati-Kennedy
Edited by
Daria Uhlig
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Bitcoin is continuing its ascent, breaking the $50,000 ceiling earlier this week and is now at $54,000, with a valuation approaching $1 trillion.
See: Bitcoin Breaks $50,000 CeilingFind: Mark Cuban – “Bitcoin is Exactly like the Dot Com Bubble”
CoinMarketCap is valuing the crypto at around $1 trillion this morning, a huge milestone. Bitcoin has added more than $415 billion of value in 2021 alone, Bloomberg reports.
Bitcoin has been boosted by several big-name investors recently, including Tesla CEO Elon Musk. Earlier this month, Tesla bought $1.5 billion in Bitcoin and said the company would begin accepting the cryptocurrency “as a form of payment for our products in the near future,” according to a Tesla Securities and Exchange Commission filing. Musk had also added #bitcoin to his twitter bio earlier, which had sent the currency soaring.
See: Tesla Buys $1.5 Billion in Bitcoin, Says It Will “Soon” Accept It as Form of PaymentFind: One Hashtag from Elon Musk Makes Bitcoin Spike in Minutes
And yesterday, defending Tesla’s bitcoin purchase, Musk tweeted that “having some Bitcoin, which is simply a less dumb form of liquidity than cash, is adventurous enough for an S&P 500 company.”
Cryptocurrency investor Cameron Winklevoss acknowledged the milestone in a tweet saying, “BITCOIN IS NOW A TRILLION-DOLLAR ASSET.”
BITCOIN IS NOW A TRILLION-DOLLAR ASSET
— Cameron Winklevoss (@cameron) February 19, 2021
See: Long-Term Investors Hold Most of the Bitcoin SupplyFind: Why Some Money Experts Believe In Bitcoin and Others Don’t
A report from Copper.co notes that Bitcoin kicked off 2020 at just over $7,000. “Even a global pandemic couldn’t suppress prices for too long,” the report says. And it broke the $20,000 ceiling just this past December as demand from institutional investors rapidly increased.
Not everyone’s a Bitcoin aficionado. JPMorgan analysts for example, called Bitcoin an “economic side show,” according to Reuters.
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