Bitcoin on the Brink of One Trillion – Trustnodes

Bitcoin on the Brink of One Trillion

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Bitcoin's price, Feb 2021

Bitcoin has reached a high of $51,700 today before slightly retracing to currently $50,900.

The currency has seen an increase in unfiltered volumes at $85 billion, while its market share stands at a high of 61.8%.

Its market cap is close to reaching a potentially historic milestone of one trillion, with this being the very first new asset to do so since the invention of stocks some centuries ago.

Top cryptos by marketcap, Feb 2021
Top cryptos by marketcap, Feb 2021

Bitcoin is currently at a market cap of $950 billion, up another 3% today as adoption continues to increase.

The latest is a German publicly traded company focused on the weed industry announcing it will keep some of its reserves in bitcoin.

“Given the excessive increase in money supply in both the euro and USD zones, there is legitimate concern about a massive devaluation of fiat money. The cannabis company SynBiotic SE (XETRA: ISIN) is therefore set to become the first listed company in Germany to hedge against the devaluation of the euro with bitcoin. Hence, SynBiotic SE has started to shift some of its free liquidity into bitcoin.”

They don’t mention how much exactly with this being a small company that has a market cap of just $71 million and does not seem to have earnings out yet.

However it’s just the latest indication of a growing trend towards diversifying with bitcoin and for some presumably also with eth.

This has contributed in part to this one trillion milestone, with it to be seen whether bitcoin can take it.

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