Bitcoin hits $1 trillion in market valuation for the first time

The price of a bitcoin hit new all-time highs on Friday as the market value of bitcoin reached above $1 trillion. One bitcoin currently costs around $55,000 and there are about 18.6 million bitcoins in circulation according to the coin base. Currently, four companies in the US have more worth than bitcoin. Bitcoin is a cryptocurrency that was started in 2009 by an unknown person or group of people using the name Satoshi Nakamoto. 

Surge in Price of Bitcoin

Earlier this month, Elon Musk gave a spark to Bitcoin trading as he announced that Tesla has acquired $1.5 billion in bitcoins in January and that it could accept the asset for payments in the future. Musk on Thursday via a tweet defended Tesla's purchase of Bitcoin. Tesla also said that it was thinking of letting consumers use bitcoins to buy its cars and SUVs. 

 

Read: Bitcoin, Seemingly Omnipresent, Crosses The $50,000 Mark

Read: Reddit User Claiming To Be Tesla Employee Reveals He Lied In Bitcoin Investment Post

Musk has previously shared a series of tweets promoting Dogecoin. Musk had tweeted that, "The future currency of earth". Elon Musk tweeted, "I just set up some little Doge mining rigs with my kids. It was fun." With this, dogecoin's prices briefly shot up to $0.58990. Musk has been a staunch supporter of cryptocurrency use. 

 

Read: Tesla Buys $1.5 Billion In Bitcoin, To Accept Cryptocurrency As Payment For Tesla Cars

Read: Bitcoin Scammer Turns Out To Be Nigerian Boy Struggling To Pay Fees, Gets $200 Reward

Is Apple buying Bitcoin?

This news has led to speculation that all other big companies may soon add bitcoin or other cryptocurrencies to their balance sheets. The cryptocurrency space is seemingly an ever-growing market, and companies like Square Inc. and PayPal Holdings Inc. have already validated the exchange model. Nevertheless, with Apple Wallet, the iPhone seller will immediately lead the market with its potential. Moreover, Apple is known for providing the best possible security and privacy services to its customers which would be an added bonus.