Bitcoin is now the largest digital asset in the world, more valuable than social media giant Facebook and Tesla, the world’s largest electric vehicle maker. Bitcoin’s total market cap exceeded $ 870 billion on Tuesday after a 20% jump triggered by Tesla’s $ 1.5 billion investment in the digital currency.
Tesla’s total market cap is around $ 814 billion. Tesla stock has jumped nearly 500% in the past twelve months. Facebook’s total market capitalization is about $ 760 billion, as Facebook’s share has gained nearly 25% since the beginning of 2020.
A recent Tesla report revealed that the company has invested about $ 1.5 billion in the world’s largest digital currency. The news caused a lot of controversy on social media as Bitcoin became the hottest topic on Twitter. Tesla CEO Elon Musk recently expressed his support for Bitcoin and stated that Bitcoin is about to be in all hands. He also updated his CV on Bitcoin Tag.
In addition, Tesla stated that the company plans to consider Bitcoin as a payment method for its products, subject to regulatory approvals. Bitcoin has gained more than 20% in a few hours and breaks the $ 47,000 mark for the first time.
Bitcoin’s market value in the cryptocurrency space
The recent jump in Bitcoin price forced the market’s dominance of the digital currency to 63%. Aside from Bitcoin, other cryptocurrencies including Ethereum, Cardano, Bullcladot and Litecoin have recorded strong gains in the past 24 hours. Ethereum reached an all-time high of $ 1,770 after the launch of the Ethereum futures contract from CME.
In addition, the total market value reached an all-time high of $ 1.37 trillion. Tesla’s latest announcement resulted in a $ 150 billion jump in the Bitcoin market value. The pioneering digital currency asset has gained the attention of leading investment companies in recent months after a major jump in institutional demand for bitcoin.
The blockchain-based payment system Diem, originally proposed by Facebook, has 27 members including companies such as CoinBase, Blockchain Capital, Rabbit Capital, Temasek, Shopify, Novi, Szabo and Spotify.
Tesla, the electric car company headed by the world’s richest man, Elon Musk, has become the first company in the Fortune 500 to have Bitcoin on its balance sheet, buying $ 1.5 billion in digital currency last month.
The company’s most recent report from the Securities and Exchange Commission (SEC) has revealed its position regarding cryptocurrencies.
” In January 2021, we revived our theory technique to outfit us with more prominent flexibility to expand and fabricate returns on our resources that are not expected to keep up sufficient, “as expressed in the report.
Tesla Corporation and Bitcoin Investment
Musk, as of now the most extravagant man on earth, is an ally of Bitcoin and other digital forms of money too. His new expansion of “Bitcoin” to his Twitter list of references expanded the cryptographic money by about 25%, however he later erased that.
His new tweets about Dogecoin, a cryptographic money dependent on an image on the Internet, have pushed the cost of the advanced cash up.
Tesla turned into the subsequent organization to add Bitcoin to its asset report, a pattern started by business insight firm MicroStrategy, which has just gotten a huge profit from its Bitcoin speculation.
Furthermore, the digital currency market has reacted to Tesla’s speculation, Bitcoin is currently heading towards a cost of $ 43,000, and numerous industry allies are anticipating a gigantic spike later on.