The charismatic leader of Tesla, Elon Musk, has had an interesting relationship with Bitcoin in his public performances. Often slating the coin, while also praising it and calling meme-coin DOGE, his all-time favourite.
However, as Musk has now eclipsed Amazon CEO Jeff Bezos for the title of the world’s richest man, so has Bitcoin overtaken his behemoth company, Tesla, in terms of market cap. The entire cryptocurrency space recently crossed a massive market cap milestone by passing $1 trillion in value.
Bitcoin, as the dominating force in the crypto space, also has been climbing massively in its market cap rankings, as when the coin crossed the $40,000 mark, Bitcoin’s market cap grew to $745 billion. A day later, following a correction, the figure retreated to $737 billion before regaining its earlier record and overtaking fighting shoulder to shoulder with Tesla.
However, Tesla has again edged ahead as it managed to post gains of around seven percent. The company was on $773 billion as Bitcoin once again sailed through $40,000 and looks set to compete again sitting now at $41,000 and a market cap of $767 billion.
A new age
It is interesting to track the progress of things like Bitcoin and Musk with his futuristic take on automobiles. Bitcoin has long been seen as the future of money while Tesla has taken the electric car space headlong and is succeeding.
The world suffered an unprecedented shake up through 2020 with a global pandemic which may well have moved the desire to be more future proof further. Investors are flooding to bitcoin as it offers a new asset class to invest in, as well as the promise as a foundation for a new payment system with central banks even looking into blockchain.
Tesla, ranked as the world’s sixth largest company by market cap, is proving the value that future-looking in legacy industries is currently. Ahead of Tesla sit Apple, Microsoft, and Google, all tech companies, all interested in digitizing our lives.
Bitcoin is focused on digitizing our money, and again, this comes at a time where many people were forced to stop using cash as it could carry the virus. Perhaps the writing is on the wall for Bitcoin as the future of money?