Bitcoin Becomes World's 8th Largest Asset, Overtaking Facebook
In the latest all-time high, Bitcoin overtook Facebook to become the world's 8th most valuable asset by market cap at $809 billion. Tesla is next on the list.
Key Takeaways
- Tesla has invested $1.5 billion in Bitcoin, a likely factor in today's all-time high of $44,000.
- Bitcoin will be accepted as payment for Tesla cars in the future.
- Major companies like Tesla and MicroStrategy are sending big buy signals to the market with such announcements.
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Bitcoin overtook Facebook to become the world’s 8th most valuable asset by market cap at $809 billion in the latest all-time high. Tesla is next on the list.
Bitcoin Climbs the Ranks
BTC price surged to an all-time high today when Tesla CEO Elon Musk announced that Tesla had invested $1.5 billion in the cryptocurrency and was considering accepting BTC as payment for its products.
Ironically, the move may contribute to BTC becoming a more valuable asset than Tesla itself.
Tesla sits at #7 on the list of world assets ranked by market cap at $822 billion, just 1.6% higher than Bitcoin at #8. On the other hand, Facebook has a valuation of $762 billion, over 6% less than that of Bitcoin.
BTC hit over $44,000 earlier today following Musk’s announcement. At the end of last year, MicroStrategy CEO Michael Saylor disclosed his company’s $1 billion investment in Bitcoin and hosted talks for 1,400 businesses on investing in BTC from a corporate standpoint.
Corporate investment from high-profile companies sends a major buy signal to the markets, with both retail and institutional investors taking note of how Tesla and MicroStrategy anticipate higher price action.
Fundamentals have been increasing steadily with the growing adoption of Bitcoin in the mainstream financial and corporate sectors.
Bitcoin entered the top 20 assets in the world last November when it surpassed Bank of America and now has its sights set even higher.
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