Bitcoin is taking no prisoners. The flagship cryptocurrency has now passed a major milestone of $54k, effectively making it the first ever crypto unicorn, with a value of $1 trillion.
After gaining over 300% in 2020, Bitcoin’s price is still ascending at an incredible rate. Bitcoin is currently at $53,705, up almost 3% in the last 24 hours.
Tesla & Facebook in The Rear Mirror
Bitcoin, whose market cap now exceeds that of Tesla and Facebook, is certainly polarising investors. No matter whether you love it or hate it, there is no doubt that it is blowing away the naysayers. As more banks and companies jump into the fray, Bitcoin gains traction in its real mission, that of mass adoption as a currency method.
Many believe that this can never happen due to the volatility of Bitcoin, making it unworkable as a payment method. One day you can buy your coffee with Bitcoin for $1 and the next day your coffee could cost you $1000.
Banks and Corporates Join The Party
Yet, even banks are joining the party now and adding cryptos to their portfolios and funds, effectively boosting demand. Meanwhile, some smart corporates are benefiting from their own investments in Bitcoin, including MicroStrategy, the business analytics firm, which went from a market cap of under $1 billion in 2020 to $10b, after buying just $2b worth of BTC. This may encourage other large companies to take the plunge, thus pushing up the price of Bitcoin further.
No matter whether you think that Bitcoin will pass $1 million per coin, or if you think the bubble will eventually burst, Bitcoin is certainly one show that is worth watching.