Bitcoin Overtakes Facebook To Become World’s 8th Largest Asset By Market Value

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Bitcoin has surpassed Facebook to become the world’s 8th most valuable asset by market value. Earlier today, Bitcoin recorded a new all-time high, pushing its market value to $809 billion. 

At press time, however, Bitcoin is at a market cap of nearly $802 billion. CoinMarketCap data showed that the king coin is up 14% to $43,283.70. 

In a with the US Securities and Exchange Commission (SEC) on the 8th of February, electric vehicle company Tesla revealed that it bought $1.5 billion worth of Bitcoin. According to Tesla, the crypto acquisition is part of its updated investment policy that allows it to purchase digital assets, gold bullion, and gold exchange-traded funds with some of its cash.

Tesla also said that it would begin to accept crypto payments in exchange for any of its products. The company explained that the decision is subject to “applicable laws”. It also said the option might initially be restricted, adding that when it starts it may not liquidate Bitcoin payments. Tesla CEO Elon Musk also recently declared support for Bitcoin during a conversation on social media app, Clubhouse.

Following the announcement, Bitcoin spiked 13% to around $44,000, a new record high.

Nasdaq-listed company MicroStrategy has over $1 billion investment in Bitcoin. In its 2020 Q4 financial report, MicroStrategy revealed that the company plans to buy more.

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