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Bitcoin's Market Value Now Exceeds That of Facebook
Bitcoin is currently more valuable than all but six of the world's publicly traded companies.
The explosive surge in the rise of the price of bitcoin has propelled the market value of the leading cryptocurrency past that of social media giant Facebook.
STORY CONTINUES BELOW
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- With a market value at this writing of $761.5 billion, bitcoin is now more valuable than all but six publicly traded companies, sitting between Tesla at $805.3 billion and Facebook at $752.4 billion.
- After rising more than 300% in 2020, the price of bitcoin is still climbing at an astonishing rate, having gained more than 40% in the last eight days. Bitcoin is currently at $40,758.95, up about 4% in the last 24 hours. It closed 2020 at $29,111.63.
- During the past several days, bitcoin has also risen up the ranks of the world's most valuable currencies, overtaking the Russian ruble and the Thai baht, to sit just above the baht and below the Swiss franc.
- For one pair of identical twins at least, bitcoin's overtaking Facebook undoubtedly has a more personal significance: Cryptocurrency exchange Gemini co-founder and bitcoin billionaire Cameron Winklevoss, who unsuccessfully sued Facebook founder Mark Zuckerberg for allegedly having stolen the idea for the social networking site from him and his brother, surely felt good being able to tweet the following:
#Bitcoin has surpassed Facebook $FB in market cap. Makes sense that a money network would be more valuable than a social network. pic.twitter.com/XofI9W0Mce
— Cameron Winklevoss (@cameron) January 8, 2021
See also: Why Is Bitcoin Going Up, and Will It Crash Soon? What’s Next as Price Doubles to $40K
Kevin Reynolds
Kevin Reynolds was the editor-in-chief at CoinDesk. Prior to joining the company in mid-2020, Reynolds spent 23 years at Bloomberg, where he won two CEO awards for moving the needle for the entire company and established himself as one of the world's leading experts in real-time financial news. In addition to having done almost every job in the newsroom, Reynolds built, scaled and ran products for every asset class, including First Word, a 250-person global news/analysis service for professional clients, as well as Bloomberg's Speed Desk and the training program that all Bloomberg News hires worldwide are required to take. He also turned around several other operations, including the company's flash headlines desk and was instrumental in the turnaround of Bloomberg's BGOV unit. He shares a patent for a content management system he helped design, is a Certified Scrum Master, and a veteran of the U.S. Marine Corps. He owns bitcoin, ether, polygon and solana.
