Bitcoin’s Market Value Tops $1 Trillion Again

Bitcoin surged for 5 days in a row reflecting a positive outlook in the financial markets and thrusting the digital coin’s market value back to above $1 trillion for the second time.

Bitcoin increased by as much as 5.2% and traded above $57,000 on Wednesday, March 10, 2021. The first time the world’s no. 1 digital asset passed the $1 trillion threshold was on February 19 while climbing to its up-to-this-day record high of $58,350.

Bitcoin’s jump emerged despite the U.S. consumer prices’ having increased to a lower than expected level in February, indicating that inflationary pressures are still under control. Bitcoin advocates support that the digital asset is a store of value that can be used as a hedge against future rises in inflation. They see the coin as a hedge against a weaker dollar brought about by the stimulus fueling the markets with liquidity for the past year. Skeptics assert that Bitcoin is in a bubble that will likely burst as the effects of the stimulus fade out.

The digital asset’s $1 trillion market capitalization is remarkable but some advocate that due to Bitcoin’s vague quality of being neither a company nor an asset, assigning market capitalization to it does not serve as an accurate measure. Pessimists have been pointing that with the absence of any form of government backing and no real-world assets owned by a company, what buyers are really investing in is faith in the digital asset’s network.

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