UPDATED 6:35 PM PT – Friday, February 19, 2021
Bitcoin’s value continues to surge to new record highs. On Friday, the digital currency’s market value rose above $1 trillion for the first time ever. According to reports, the value of a single bitcoin surpassed $56,000.
— Binance (@binance) February 12, 2021
Bitcoin rose about 350 percent over the last six months as digital currencies became more mainstream. There were just 21 million total bitcoins created with about 18.5 million mined so far.
Time to reach $1 trillion market cap:
Bitcoin: 12 years
Google: 21 years
Amazon: 24 years
Apple: 42 years
Microsoft: 44 years
— Jon Erlichman (@JonErlichman) February 19, 2021
The value is expected to skyrocket further as more companies start accepting digital currency as a form of payment. In early February, for example, the Bank of New York Mellon — the oldest bank in the United States — announced that it would move into the digital currency space. Tesla also recently announced that it will begin to take Bitcoin payments for its products.
Tesla’s action is not directly reflective of my opinion. Having some Bitcoin, which is simply a less dumb form of liquidity than cash, is adventurous enough for an S&P500 company.
— Elon Musk (@elonmusk) February 19, 2021