Saudi Press

Saudi Arabia and the world
Sunday, Jun 01, 2025

Bitcoin's market value tops $1 trillion

Bitcoin's market value tops $1 trillion

The trillion-dollar market value club has a new member: bitcoin. The total number of bitcoins trading are now collectively worth more than $1 trillion.
That's because the price of a bitcoin hit a number of new all-time highs Friday. One bitcoin currently costs around $55,000 -- and there are about 18.6 million bitcoins in circulation according to Coinbase. (The total number of bitcoin eventually available is capped at 21 million.)

Of course, it's not an apples-to-apples comparison to look at bitcoin versus big firms with sky-high valuations like Apple. But for what it's worth, only four companies in the United States currently are worth more than bitcoin: Apple (AAPL), Microsoft (MSFT), Amazon (AMZN) and Google owner Alphabet (GOOGL).

Bitcoin currently is worth about $225 billion more than Tesla (TSLA), the company that is most responsible for the most recent surge in the cryptocurrency's price.

The Elon Musk-led electric car juggernaut announced earlier this month that it now owns $1.5 billion's worth of bitcoin in its corporate coffers. Tesla also said it was looking at letting consumers use bitcoin to buy its cars and SUVs.

That news has sparked speculation that other big companies may soon add bitcoin or other cryptocurrncies to their balance sheets, since bitcoin is generating a significantly higher return than bonds and cash.

Corporate America is validating bitcoin. Payments giants Square (SQ) and PayPal (PYPL)let their users buy and sell it. Credit card processing behemoths Visa (V) and Mastercard (MA) are also embracing cryprocurrencies.

And a top strategist at BlackRock (BLK), the world's largest asset manager, said on CNBC this week that the company has "started to dabble" in bitcoin as an investment.

All this has helped spark a wave of buying by average investors. Consumer research firm Piplsay wrote in a report Thursday that half of the more than 30,000 consumers it surveyed this week about bitcoin said they felt it was "safe" to invest in cryptocurrencies.

Bitcoin prices have surged more than 80% so far this year, and investors are enthusiastically scooping up other cryptocurrencies as well. Ethereum, the world's second largest cryptocurrency with a total value of about $220 billion, has more than doubled this year.

And the price of dogecoin, a currency that originally started as a dog meme-based joke, also has skyrocketed this year following several bullish tweets about it by Musk and support from traders on Reddit.
Newsletter

Related Articles

Saudi Press
0:00
0:00
Close
OPEC+ Agrees to Increase Oil Output for Third Consecutive Month
Turkey Detains Istanbul Officials Amid Anti-Corruption Crackdown
Meta and Anduril Collaborate on AI-Driven Military Augmented Reality Systems
EU Central Bank Pushes to Replace US Dollar with Euro as World’s Main Currency
European and Arab Ministers Convene in Madrid to Address Gaza Conflict
U.S. Health Secretary Ends Select COVID-19 Vaccine Recommendations
Trump Warns Putin Is 'Playing with Fire' Amid Escalating Ukraine Conflict
India and Pakistan Engage Trump-Linked Lobbyists to Influence U.S. Policy
U.S. Halts New Student Visa Interviews Amid Enhanced Security Measures
Trump Administration Cancels $100 Million in Federal Contracts with Harvard
SpaceX Starship Test Flight Ends in Failure, Mars Mission Timeline Uncertain
King Charles Affirms Canadian Sovereignty Amid U.S. Statehood Pressure
Iranian Revolutionary Guard Founder Warns Against Trusting Regime in Nuclear Talks
UAE Offers Free ChatGPT Plus Subscriptions to Citizens
Lebanon Initiates Plan to Disarm Palestinian Factions
Iran and U.S. Make Limited Progress in Nuclear Talks
The Daily Debate: The Fall of the Dollar — Strategic Reset or Economic Self-Destruction?
Trump Administration's Tariff Policies and Dollar Strategy Spark Global Economic Debate
OpenAI Acquires Jony Ive’s Startup for $6.5 Billion to Build a Revolutionary “Third Core Device”
Turkey Weighs Citizens in Public as Erdoğan Launches National Slimming Campaign
Saudi-Spanish Business Forum Commences in Riyadh
Saudi Arabia and Spain Sign MoU to Boost SME Sectors
UK Suspends Trade Talks with Israel Amid Gaza Offensive
Iran and U.S. Set for Fifth Round of Nuclear Talks Amid Rising Tensions
Russia Expands Military Presence Near Finland Amid Rising Tensions
Indian Scholar Arrested in Crackdown Over Pakistan Conflict Commentary
Israel Eases Gaza Blockade Amid Internal Dispute Over Military Strategy
President Biden’s announcement of advanced prostate cancer sparked public sympathy—but behind closed doors, Democrats are in panic
A Chinese company made solar tiles that look way nicer than regular panels!
Indian jet shootdown: the all-robot legion behind China’s PL-15E missiles
The Chinese Dragon: The True Winner in the India-Pakistan Clash
Australia's Venomous Creatures Contribute to Life-Saving Antivenom Programme
The Spanish Were Right: Long Working Hours Harm Brain Function
Did Former FBI Director Call for Violence Against Trump? Instagram Post Sparks Uproar
US and UAE Partner to Develop Massive AI Data Center Complex
Apple's $95 Million Siri Settlement: Eligible Users Have Until July 2 to File Claims
US and UAE Reach Preliminary Agreement on Nvidia AI Chip Imports
President Trump and Elon Musk Welcomed by Emir of Qatar Sheikh Tamim with Cybertruck Convoy
Strong Warning Issued: Do Not Use General Chatbots for Medical, Legal, or Educational Guidance
Saudi Arabia Emerges as Global Tech Magnet with U.S. Backing and Trump’s Visit
This was President's departure from Saudi Arabia. The Crown Prince personally escorted him back to the airport.
NVIDIA and Saudi Arabia Launch Strategic Partnership to Establish AI Centers
Trump Meets Syrian President Ahmad al-Shara in Historic Encounter
Trump takes a blow torch to the neocons and interventionists while speaking to the Saudis
US and Saudi Arabia Sign Landmark Agreements Across Multiple Sectors
Why Saudi Arabia Rolled Out a Purple Carpet for Donald Trump Instead of Red
Elon Musk Joins Trump Meeting in Saudi Arabia
Trump says it would be 'stupid' not to accept gift of Qatari plane
Quantum Computing Threatens Bitcoin Security
Michael Jordan to Serve as Analyst for NBA Games
×