As Bitcoin price rallies above $55,300 in the current trading session, its market cap exceeded $1 trillion on Feb. 19. Analysts witnessed the increasing price throughout the day, and in the past hour, BTC price hit another all-time high at $56,368. Various factors have led to this impressive accomplishment. Corporations and legacy financial industries are now leading the way towards adoption. However, currently that Bitcoin has fastened its status as a trillion-dollar asset among Amazon, Apple, and Google, legacy banks are displaying a growing interest in providing cryptocurrency custody services for their consumers.
The Bitcoin adoption in growing as an investment class drives other companies to capitalize on the opportunity. Various companies such as PayPal and Mastercard have started to integrate cryptos into their businesses in a non-investment manner. PayPal has started buying, selling, and exchanging Crypto on its transactional services platform. Mastercard will commence facilitating consumers with crypto transactions this year.
Prominent increase in Bitcoin Investments
The recent surge in Bitcoin price and supply is due to the current investments from significant firms drawing the cryptocurrency. Earlier this month, Tesla declared that it bought $1.5 billion worth of Bitcoin, stating that it ideated to make BTC a payment method for its products. Similarly, MicroStrategy in August purchased large amounts of BTC. Also, recently, MicroStrategy declared to be offering a $600 million private offering. The offering will be limited to qualified institutional buyers.
MicroStrategy aims to acquire more Bitcoin with the revenue generated from the offering. MicroStrategy’s balance sheet lately reveals that the company has funded more than $1.3 billion in Bitcoin. Moreover, the entire Bitcoin community has praised the latest milestone, and several are prophesying that the Bitcoin will remain bullish. CEO of Swan Bitcoin, Cory Klippsten, took to Telegram to discuss about the high Bitcoin market cap’s significance. He stated that this new development would assist many top investors and firms in funding cryptocurrency.
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