A Massive Milestone for Bitcoin
On Friday, Bitcoin reached the massive milestone of a market capitalization of one trillion dollars. As Bitcoin has surged since the start of the pandemic, including 85% since the beginning of 2021 alone, there’s been a lot of news about the world’s biggest cryptocurrency. But according to Naeem Aslam, the chief market analyst at AvaTrade, a trading platform, this is the biggest Bitcoin news so far this year.
A large part of Bitcoin’s recent rise is it’s growing acceptance by large companies as both a means for financial transactions and as an investment. For example, in early February, Tesla announced that it had invested $1.5 billion into Bitcoin, causing its price to immediately jump.
Tesla, as well as other companies such as PayPal, Twitch, and certain restaurants owned by restaurant-chain behemoths Yum! Brands and Restaurant Brands International have all started taking bitcoin as payment.
Is this merely just a bubble, which will end even more horribly than the crash in Bitcoin’s price in early 2018? Or is this merely just the start of Bitcoin’s widespread use for transactions? All eyes are on you, Bitcoin.