Earlier this morning, Tesla Motors announced that it had devoted part of its balance sheet to Bitcoin. Less than two hours later, the market value of the coded asset briefly exceeded the market value of the same car manufacturer.
Bitcoin (BTC) has a market value of $ 807,869,728,188 today for a short period, according to AssetDash, ahead of Tesla’s value to $ 807,829,441,685. Bitcoin came in seventh on the list after the announcement, with both Tesla and BTC comfortably surpassing Facebook’s market value of $ 765 billion at the time.
There was a lot of volatility this morning as the news spread as Tesla bought a total of $ 1.5 billion dollars in bitcoin to keep it as an investment and value creation for its surplus money. Following the announcement, the price of BTC rose to a full-time high of $ 44,000 before falling back to $ 43,202. Tesla’s share price is up over 2% as the markets open for $ 871.43 at press time.
Mike McGlone, a strategist at Bloomberg Intelligence, recently suggested that this investment in Tesla could be the catalyst that would push Bitcoin’s market value above $ 1 trillion for the first time. The total market value of the cryptocurrency reached this value early last month with the increase in prices for BTC, Ether (ETH) and many altcoins.