Bitcoin Rally Continues with $1-T Market Cap, Tesla Backing

 Bitcoin has carried on its steady surge as of Sunday, February 21. The world’s most famous cryptocurrency has risen to a fresh high. Additionally, it has extended a two-month recovery. At the time of writing, Bitcoin’s trading price is $57,960.48, according to 

We are delighted to learn about these new promising developments for the world’s most-supported virtual asset. Despite the coronavirus or COVID-19 crisis, we know that backing for Bitcoin will nevertheless increase, and its promotion to mainstream use globally is surely achievable.

Based on the report posted online by finance news outlet Yahoo! Finance, the digital asset’s trading price rose to a record $58,354 over the weekend. This amount took its weekly gain to the neighborhood of 20 percent. 

Moreover, this year, Bitcoin’s trading price has increased approximately 100 percent. The virtual currency now has a market value above $1 trillion, or $1,083,516,510,515 to be exact, as of February 22, 3:12 AM, New York City Time.

Bitcoin’s trading price surge and market capitalization increase are reportedly due to the mainstream firms and investors’ growing acceptance of the digital currency. These companies include credit card giant Mastercard, Incorporated, carmaker Tesla, and investment bank BNY Mellon. In its yearly report filed with the US Securities and Exchange Commission on February 8, Tesla revealed its Bitcoin purchase. With this endeavor, Elon Musk reportedly made a cool billion dollars. 

Analysts and investors were reportedly left debating about Mr. Musk’s company’s decision to place US$1.5 billion of its funds into Bitcoin. We greatly understand this resulting situation. Nonetheless, Tesla’s recent revelation should not surprise us all. After all, the car company and its administrators are future-oriented.

No wonder they are 100-percent in full support of Bitcoin. We are on the same page as Tesla, Mastercard, and other companies that back the famous virtual asset. It is, indeed, wise of them to select such a move. Bitcoin will continue to get validated as a legitimate asset in the months and years to come. We are especially happy for Mr. Musk for buying Bitcoin and accepting it as a kind of payment for the Tesla vehicles. 

We hope that other international companies like Visa, Amazon, Microsoft, and others will follow Tesla and the other Bitcoin supporters’ decision. If they do, Bitcoin’s trading price and market capitalization will likely surge further. Plus, this development can help revolutionize the modern financial markets more. 

An increasing number of Bitcoin skeptics will change their minds about the world-famous virtual asset, too. We believe that this trend of Bitcoin optimism will carry on as we go along this 2021, and we are surely pleased with it.