With the value of bitcoin in the market topping $1 trillion, longtime backers may be wiping tears from their eyes. The cryptocurrency is growing up.
The trillion-dollar market value has a new member: bitcoin. The total number of bitcoins trading are now collectively worth more than $1 trillion.
Bitcoin topped $50,000 Tuesday, continuing a stunning rise that has sent it soaring about $20,000 this year.
Tesla’s $1.5 billion investment in bitcoin has helped legitimize the cryptocurrency as an investment, leading analysts and traders to ask which blue chip company will be the next to take the plunge, buying bitcoin for its corporate balance sheet.
Bitcoin is this close to $50,000, continuing a stunning rise that has sent it soaring nearly $20,000 this year.
Tesla revealed in a securities filing this week that it will soon begin accepting bitcoin as payment for its electric vehicles.
Tesla’s decision to invest in Bitcoin has sent prices to a record high. But it’s not the only catalyst driving the cryptocurrency’s rapid ascent.
Tesla is betting big on bitcoin, saying it may soon accept the digital currency as payment for its cars. And the most valuable car company on the stock market said it is holding some of its cash in bitcoins rather than traditional currency.
Cryptocurrency dogecoin has an important fan — Elon Musk, who has 45 million followers on Twitter and more money than any other person on the planet.