Bitcoin is a trillion-dollar asset. The first and largest cryptocurrency set a new high of $53,739.48 Friday morning, the magic number at which the market value of all bitcoins in circulation is worth $1 trillion.
This is up from a $178 billion market capitalization last year, CoinDesk’s Zack Voell reports.
While in some sense a meaningless event, it is also a serious milestone on the path for bitcoin (BTC, -9.83%) to become a significant part of the global financial ecosystem.
The open protocol is now more valuable than Facebook, and could soon overtake Alphabet, Google’s parent, or Amazon if prices continue to rise.
In February 2011, just two years and one month after the Bitcoin “genesis block” was mined, the cryptocurrency hit dollar parity, or the moment when one BTC could be exchanged for $1.
This was an important psychological event, proving that bitcoin wasn’t just a usable currency, but a viable, alternative monetary system.
Institutions are rapidly entering the bitcoin economy at a moment when the U.S. dollar’s longevity has never been more in question.
Indeed, the trillion dollar sign post may signal a future where a dollar price quote for bitcoin hardly matters. It’s unlikely the entire global economy is denominated in satoshis – even less so in “bits” – but bitcoin could become a viable global reserve asset.
Not just sitting on disruptors like MicroStrategy or Tesla’s balance sheets, some predict a world where governments hold.
In a new report, bank analyst played catch-up to the interminable tether conversation, saying the dollar-equivalent stablecoin’s implosure could trigger a bank run-like event.
There are more than $33 billion USDT in existence, up from $4 billion just 12 months ago.
ABC Flash Point Crypto Currency Exchange News 2021.