Thanks to the new mini-rally, Bitcoin’s capitalization reached $1.25 trillion, surpassing Tesla after Facebook.
Bitcoin ranks seventh in the world
Bitcoin is in seventh place in the Companies by Market Cap ranking, where gold is still the undisputed leader with $9 trillion. In second and third place are Microsoft and Apple, with capitalizations of $2.53 trillion and $2.42 trillion respectively.
Thanks to Ethereum’s subsequent new all-time high above $4,700, the total cryptocurrency capitalization exceeded $3 trillion, surpassing the two giants Microsoft and Apple.
Bitcoin’s next target does not seem so far away considering that it would be “only” $500 million away from knocking Jeff Bezos’ giant Amazon out of sixth place.
Bitcoin is already worth more than many national currencies, such as the ruble, which was surpassed for valuation in February and is approaching the Swiss franc, which it had briefly surpassed in October.
Tesla shares down
Bitcoin’s overtaking of Tesla was undoubtedly influenced by a sensational proposal tweeted by Elon Musk, founder and CEO of the electric car company.
In response to the Biden administration’s new tax laws, which would tax the capital gains of the super-rich even if they have not yet been realized, he asked his followers if he should sell 10% of the shares he owned.
Much is made lately of unrealized gains being a means of tax avoidance, so I propose selling 10% of my Tesla stock.
Do you support this?
— Elon Musk (@elonmusk) November 6, 2021
After this tweet, Tesla’s shares lost more than 7% on the stock exchange.
Bitcoin and Elon Musk
The fact that Elon Musk, who is a supporter of the crypto world, has contributed in a small way to the growth of Bitcoin and cryptocurrencies is certainly amusing.
With his numerous tweets on the subject, he was able to make the Dogecoin meme coin grow by more than 1000% in a short time. In March, he also tweeted that another meme coin, Shiba Inu, hitherto virtually unknown to most people, rose 400% in just one day.
I’m getting a Shiba Inu #resistanceisfutile
— Elon Musk (@elonmusk) March 14, 2021
Months ago, Musk had also caused Bitcoin’s share price to soar after declaring that he and Tesla had invested around $1.5 billion in the world’s most famous cryptocurrency.
That is why perhaps, all things considered, this overtaking by Bitcoin of his luxury electric car company, in terms of capitalization, might be less of a disappointment for Elon Musk.