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.
- 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:
See also: Why Is Bitcoin Going Up, and Will It Crash Soon? What’s Next as Price Doubles to $40K