Tesla’s Buying of Bitcoin Briefly Made Bitcoin More Valuable Than Tesla
The cryptocurrency was more valuable than all but seven of the world’s publicly traded companies.
Tesla’s Buying of Bitcoin Briefly Made Bitcoin More Valuable Than Tesla
The market valuation of bitcoin briefly exceeded that of Tesla after the electric automaker announced Monday it had purchased $1.5 billion of the largest cryptocurrency for its treasury.
- After Tesla filed its annual report with the U.S. Securities Exchange Commission disclosing the purchase, shares of bitcoin took off, setting a new all-time high of $44,801.87.
- Bitcoin’s market value naturally rose as well, increasing to $834.2 billion and making the cryptocurrency more valuable than all but seven of the world’s publicly traded companies, just ahead of Tesla with its market cap of $820.7 billion.
- The price of bitcoin has since given back some of its gains, trading hands at press time at $42,964.05, up 11.78% in the last 24 hours.
- That retreat has allowed Tesla to reclaim the seventh spot, leaving bitcoin in eighth place, still ahead of Facebook ($756.4 billion), which the cryptocurrency also passed on Monday.
