Clear. 45.2   F New York
AI-Powered News Summarizer
Top Stories

Bitcoin's market value tops $1 trillion

February 19, 2021. Summarized by summa-bot.

Compression ratio: 64.3%. 1 min read.

This photograph taken on September 24, 2020 shows a physical imitation of a Bitcoin at a crypto currency "Bitcoin Change" shop, near Grand Bazaar, in Istanbul. (Photo by Ozan KOSE / AFP) (Photo by OZAN KOSE/AFP via Getty Images)

The trillion-dollar market value has a new member: bitcoin. The total number of bitcoins trading are now collectively worth more than $1 trillion.

The total number of bitcoins trading are now collectively worth more than $1 trillion.

That's because the price of a bitcoin hit a number of new all-time highs Friday.

(The total number of bitcoin eventually available is capped at 21 million. )

But for what it's worth, only four companies in the United States currently are worth more than bitcoin: Apple (AAPL), Microsoft (MSFT), Amazon (AMZN) and Google owner Alphabet (GOOGL).

Bitcoin currently is worth about $225 billion more than Tesla (TSLA), the company that is most responsible for the most recent surge in the cryptocurrency's price.

The Elon Musk-led electric car juggernaut announced earlier this month that it now owns $1. 5 billion's worth of bitcoin in its corporate coffers.

Tesla also said it was looking at letting consumers use bitcoin to buy its cars and SUVs. That news has sparked speculation that other big companies may soon add bitcoin or other cryptocurrncies to their balance sheets, since bitcoin is generating a significantly higher return than bonds and cash.

Corporate America is validating bitcoin.

And a top strategist at BlackRock (BLK), the world's largest asset manager, said on CNBC this week that the company has "started to dabble" in bitcoin as an investment.

Consumer research firm Piplsay wrote in a report Thursday that half of the more than 30,000 consumers it surveyed this week about bitcoin said they felt it was "safe" to invest in cryptocurrencies.

Bitcoin prices have surged more than 80% so far this year, and investors are enthusiastically scooping up other cryptocurrencies as well.

Summarizer is on Google News. Now you can get the latest AI summarized news on your favorite news platform.

Don't like Google News? We have an RSS Feed for you.

Suggestions