Bitcoin total value hits US$ 1 trillion!

Bitcoin has made some serious strides this year. It began with the cryptocurrency cracking US$30K and that was quickly followed by the US$40K mark and it’s now trading above US$50K, well US$53 750 on the Bitstamp exchange to be exact. This means that the combined value of the 18.6 million Bitcoin tokens in circulation is worth more than US$ 1 trillion.

This is a major milestone because the token value in circulation has doubled from where it started in early 2021.

Factors around its boom are, of course, backed by Wall Street investing heavily in Bitcoin and other cryptocurrencies.

“Bitcoin has started to get so big that it arguably creates its own demand as companies and institutions begin to make forays into a field they wouldn’t have touched a few months previously,”

Jim Reid, Deutsche Bank Research Strategist via CNBC

Players in the payments space have also contributed to the legitimacy/price appreciation of Bitcoin. Paypal, Visa and Mastercard have all in varying degrees brought (or are bringing) cryptocurrencies as part of commerce on their networks.

We can’t forget the effect the public figures have had on the rise of Bitcoin. Elon Musk, Jay Z, Jack Dorsey and many others have made it know that they are making moves in the crypto sphere.

The pandemic might still be raging but it’s fair to say that 2021 so far has been Bitcoin’s year. Trading above US$50K and Bitcoin tokens having a total value of more than US$ 1 trillion may be milestones that we might look at later in the year as just the start. On the other hand, we could be looking at this event as a high point, what with the volatility of cryptos.

I guess we’ll have to wait and see…