At 3:26 pm on the 12th, the market capitalization of bitcoin based on the coin market cap reached 1.65 trillion USD (1207 trillion KRW). Bitcoin’s market cap exceeded $1 trillion for the first time last month when it announced that it had purchased $1.5 billion worth of bitcoin by electric car maker Tesla. On the 20th of last month, as large corporations bought bitcoin, starting with Tesla, bitcoin reached a record high of $57,000.
After recovering $57,000 this week, Bitcoin is on the verge of overtaking Google’s parent company Alphabet’s market cap. The alphabet’s market cap is currently around $1.4 trillion (1,580 trillion won).
Bloomberg said, “While the inflationary pressures were modest as major US consumer price indicators rose less than expected in February, bitcoin supporters have advocated Bitcoin as a hedging tool, saying that future inflation should be prepared,” Bloomberg said.
Bloomberg said, “It is noteworthy that the $1 trillion breakthrough is notable, but some argue that the term’market cap’ is not appropriate because Bitcoin is neither a company nor an asset.” Bitcoin skeptics say that it is because of their belief in the cryptocurrency network that investors buy real assets held by companies or assets that are not guaranteed by the government, such as dollars.
Ethereum also rose a maximum of 3% this day, which Bloomberg analyzed as reflecting the risk sentiment over the decline of the Nasdaq 100 earlier this week.
Bitcoin’s market cap exceeded Tesla and Tencent. Apple has a gap of about $1 trillion from its bitcoin market cap. It took over 40 years for Apple’s market cap to break through the $1 trillion mark, and 22 years for Google. Bitcoin took 12 years to break through the trillion dollars.