Commodity News

Commodity news, technical and fundamental analysis, market data on precious metals, energies, industrial metals, soft commodities, and Bitcoin

Archives

Bitcoin May Become World’s Most Valuable Asset As It Tops Tesla

February 11, 2021 at 9:08 by Ibrahim Anifowoshe

The Markets cap of Bitcoin has grown tremendously since last year. The huge number of adopters has caused the king cryptocurrency to be scarce as it surpasses major publicly traded companies in the world.

After a $1.5 billion purchase of BTC by Tesla, there was a wave of new buyers in the Bitcoin market. However, this news pushed the market cap of Bitcoin above the prominent electric car maker. However, there are companies that Bitcoin would soon surpass in the nearest future.

Bitcoin has proved to be the most important asset of the last decade. It was the hottest investment in 2020, gaining more than 200% a year on average. At 10:02 GMT, the coin is trading at $45,031 on Thursday, losing 3.41% in the last 24 hours.

Recently, the coin has been luring investors and traders away from the traditional market, and precious metals. Some of the largest capital inflow into the Bitcoin market has been outflows from the gold market.

The green car maker’s $1.5 billion purchase added to the incorporated balance sheet. Tesla had said that the crypto was to help have a diverse portfolio. However, this may go sour if this position fails.

coinmarket cap chart

Google, Apple, Microsoft, Amazon, the Chinese tech firm Tencent, and the Saudi Arabia Oil Company remain top of the pioneer cryptocurrency. Silver and Gold are the only assets that surpass Bitcoin. At $848 billion, the cryptocurrency has cemented its place in the top ten assets overall.

The closest fiat currency to Bitcoin is the Swiss Franc since Bitcoin has also beaten out the Russian Ruble.

Bitcoin is barely a decade old and has already challenged all of the top companies across the globe. It has also surpassed currencies that have been around for centuries. This makes it viable to suggest that the cryptocurrency would soon top all kinds of assets possible.

If Bitcoin breaks $1 trillion, it will be more valuable than Tencent. If it hits $3 trillion, it will be above the most valuable company in the world. At $11 trillion, it will be more valuable than gold.

It will only be fitting at that point that global reserves of currencies are stored in Bitcoin.

If you have any questions and comments on Bitcoin today, use the form below to reply.

Leave a Reply

required
required  

Navigation

Menu