On Monday, March 29, Bitcoin (BTC) made a strong move above $58,000 with its market cap touching $1.09 trillion. As it turns out, Bitcoin’s valuations at the current price have helped it flip the fifth more powerful global currency aka the Australian Dollar (AUD).
The global circulation of AUD is just a little less at $1.08 trillion. The important point here is, Bitcoin (BTC) is really gaining massive popularity as the global currency and it is about time that it will soon challenge the like of the U.S. Dollar.
— Documenting Bitcoin (@DocumentingBTC) March 29, 2021
The Bitcoin network activity is another measure of how it has become one of the most widely traded asset classes worldwide. As per data on CoinMetrics, the Bitcoin (BTC) network now transactions $137,000 every single second. While it seemed unbelievable at one point in time, Bitcoin has proved every government and financial institution wrong.
Furthermore, it proves that Bitcoin as a ‘store-of-value’ is a better liquid asset than gold. Bitcoin overwhelmingly dominates other cryptocurrencies when it comes to daily trading volumes. This is because BTC remains the most preferred choice of institutions among other cryptocurrencies.
Bitcoin’s Strong Demand Among Corporates
Also, corporate entry into Bitcoin with Tesla leading has stirred up strong price action. On the other hand, Square Inc which has invested nearly $150 million into Bitcoin over the last few months is extremely bullish about its future. During an interview with Fortune’s CFO Daily, Square CFO Amrita Ahuja said:
“There’s absolutely a case for every balance sheet to have #Bitcoin on it. The investment that we made on our balance sheet for Bitcoin represents about 5% of our cash; we intend to hold for the long term.”
Public listed firms like MicroStrategy, which now holds over 90K BTC coins, have stirred up the massive movement to get corporate treasury to Bitcoin. In fact, the world’s top ten companies like Tesla have started accepting Bitcoin payments against car purchases and plans to hold it further ahead.
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