Bitcoin’s market value topped $ 1 trillion on Friday, as the world’s largest cryptocurrency continued its stunning rally.
The benchmark came as the price of a single bitcoin rose to a record high of $ 54,827.69, just before noon, by about 5.6% from a day earlier, CoinDesk data show.
This means that bitcoin is now worth more than all but a handful of listed companies in the world and accounts for about 61 percent of the combined value of all cryptocurrencies in circulation, according to Coinmarketcap.com.
The value of Bitcoin has risen by more than 82% since the beginning of this year, as a growing number of institutional investors and major companies have begun to treat it as a mass asset.
Digital currency received a boost on Friday from Tesla CEO Elon Musk, who said it was “a less stupid form of liquidity than cash.” Its electric car maker announced last week that it has bought bitcoin worth $ 1.5 billion and plans to accept cryptocurrency as payment.
Tesla is not alone – Mastercard said it expects to support certain cryptocurrency transactions on its network this year, and BNY Mellon, the country’s oldest bank, recently announced it will start providing banking services for cryptocurrencies and other digital assets.