Bitcoin (BTC) hit a new all time high above 52,000 on February 17, as BTC rises to become world's 8th most valuable asset, closing in on the major milestone of $1 trillion by market cap.
Bitcoin (BTC) officially overtook Chinese tech giant Tencent on the list of the most valuable assets by market cap, to become the world's 8th largest asset with over $950B in market cap, as BTC hit a new all-time above $52,000 for the first time in history.
Bitcoin has risen over recent months to become worth more than some of the world’s most prominent companies, banks, and multinational entities. These include JP Morgan, Visa, Samsung, Warren Buffet’s Berkshire Hathaway, Elon Musk’s Tesla, Facebook, and now also Tencent.
Perfect Storm For Bitcoin
It is an impressive run by the world’s largest cryptocurrency, but like Elon Musk would say: “In retrospect, it was inevitable.“ With a global macroeconomic state of affairs characterized by relentless fiat money printing by central banks, rising inflation, economic uncertainty in the shadows of the corona pandemic, the moment is ripe for Bitcoin.
Actually, BTC was born out of the financial crisis of 2008 and created to become a new and predictable safe haven for the world’s financial system, where the financial policy of BTC is written in stone, and with a finite supply not to be altered.
This fact is one of Bitcoin’s finest qualities as a monetary system, coupled with its decentralized and permissionless network, making it a near impossible target for governments or regulators to even attempt to shut down.
Institutions Lining Up To Enter Bitcoin
As institutional interest is reaching previously unseen heights. Microstrategy announced a new funding round to buy more BTC today, while world’s largest asset manager BlackRock publicly stated it’s “dabbling“ in Bitcoin on February 17. This of course comes in the aftermath of Tesla’s purchase of $1.5B of Bitcoin last week, and in light of this institutionally driven market, this Bitcoin and crypto rally is only getting started.
Next on the list of world’s largest assets by market cap for Bitcoin to overtake are Google’s Alphabet & and the precious metal Silver, with roughly $1.4 trillion in market cap respectively.
Bitcoin hit a new all-time high of $52,400 today February 17 and is now less than $50 billion from reaching $1 trillion in market cap. Given the current favorable conditions around Bitcoin and the crypto market, the question surely is not when, but how soon this $1 trillion milestone is broken.
Read more about Bitcoin adoption in our latest BTC article:
Director of Communications at Klever.io