Ending the year at $29,111.63, Bitcoin increased by more than 300% last year. With a gain of over 40% in a little over a week, Bitcoin is at $40,436 at the time of this writing.
Recent Bitcoin price swell resulted in the cryptocurrency posting a market value higher than social media network Facebook Inc (NASDAQ: FB). This made the coin more valuable than all publicly traded companies except the top six: Apple Inc (NASDAQ: AAPL), Saudi Aramco (TADAWUL: 2222), Microsoft Corporation (NASDAQ: MSFT), Amazon.com Inc (NASDAQ: AMZN), Alphabet Inc (NASDAQ: GOOGL) (NASDAQ: GOOG) and Tesla Inc (NASDAQ: TSLA).
At one point, the Bitcoin $766.31B market value was perched between Tesla and Facebook with market values of $804.54B and $759.32B respectively. This was revealed by Bitcoin billionaire and Gemini Co-Founder Cameron Winklevoss.
Ending the year at $29,111.63, Bitcoin was up by more than 300% last year. With a gain of over 40% in a little over a week, Bitcoin is at $40,436 at the time of this writing.
Compared to fiat currencies, Bitcoin has performed exceptionally well, even briefly besting Russia’s ruble and Thailand’s baht. At the time of this writing, however, bitcoin sits at number 16 according to FiatMarketCap.
The news of Bitcoin’s gain over Facebook came as good news for the Winklevoss twins, however. Cameron Winklevoss, who claims Mark Zuckerberg stole the idea for the social networking giant from him and his twin brother, seemed to take a jab at Facebook in a tweet
Bitcoin’s rally is expected to last a while longer especially with U.S President-Elect Joe Biden’s proposed $3T stimulus package.
Alex Melikhov, CEO and founder of Equilibrium and the EOSDT stablecoin, asserts that the stimulus package would result in market liquidity. This is expected to further drive bitcoin prices.
The crypto giant has been experiencing a bull run as a consequence of the inflation-boosting measures the Federal Reserve and the US government have had to resort to in recent months to cushion the economic effect of the Covid-19 pandemic.
This has, in turn, resulted in an increased interest in virtual assets by various institutions in a bid find a hedge against the resulting inflation.
#Bitcoin has surpassed Facebook $FB in market cap. Makes sense that a money network would be more valuable than a social network. pic.twitter.com/XofI9W0Mce
— Cameron Winklevoss (@cameron) January 8, 2021
Mercy Mutanya is a Tech enthusiast, Digital Marketer, Writer and IT Business Management Student.
She enjoys reading, writing, doing crosswords and binge-watching her favourite TV series.
