Cryptocurrency market tops $1 trillion as Bitcoin hits $40,000 for first time

Bitcoin surpasses the $40,000 mark, pushing Cryptocurrency past $1 trillion.

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Bitcoin continuously shocked traders and financial analysts as it’s risen further and further in value. Many within the cryptocurrency community are reaping the rewards, while those that passed on Bitcoin several years ago are kicking themselves. Now, with Bitcoin surging once again, the digital currency has crossed $40,000 in value. This means that cryptocurrency altogether is now valued at over $1 trillion.

CNBC reported on Bitcoin (BTC) zooming past the $40,000 mark earlier today. Bitcoin has come a long way from being worth less than a dollar, and it could potentially grow much more. When speaking to CNBC, Social Capital’s Chamath Palihapitiya said that Bitcoin’s value is “probably going to $100,000, then $150,000, then $200,000,” within the next several years.

While this news is huge for Bitcoin and its owners, it also has a profound impact on the vast world of cryptocurrency as a whole. Bitcoin’s surge in value has pushed cryptocurrency over $1 trillion. There’s a wide variety of cryptocurrencies out there, but Bitcoin is leading the charge with its market value north of $700 billion. 

There are a couple of key factors to look at as causes of Bitcoin’s continued success, which Palihapitiya spoke to during the interview. “The reason is because, every time you see all of this stuff happening, it reminds you that our leaders are not as trustworthy and reliable as they used to be,” he said. “So, just in case, we really do need to have some insurance we can keep under our pillow that gives us some access to an uncorrelated hedge.”

For more on Bitcoin and the world of finance, stay right here on Shacknews.

Contributing Editor

Donovan is a young journalist from Maryland, who likes to game. His oldest gaming memory is playing Pajama Sam on his mom's desktop during weekends. Pokémon Emerald, Halo 2, and the original Star Wars Battlefront 2 were some of the most influential titles in awakening his love for video games. After interning for Shacknews throughout college, Donovan graduated from Bowie State University in 2020 with a major in broadcast journalism and joined the team full-time. He is a huge Star Wars nerd and film fanatic that will talk with you about movies and games all day. You can follow him on twitter @Donimals_

From The Chatty
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    January 7, 2021 12:30 PM

    Donovan Erskine posted a new article, Cryptocurrency market tops $1 trillion as Bitcoin hits $40,000 for first time

    • reply
      January 7, 2021 12:32 PM

      My buddy is hoping it goes high enough to pay off all good investment properties, pay out his ex wife and agreed 300k sum.

      He just needs it to go to 100k or so, he's at 300k up now.

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      January 7, 2021 12:34 PM

      Nice

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      January 7, 2021 2:32 PM

      should bode well for gpu supply

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      January 7, 2021 2:40 PM

      In my head this is bitcoin, tell me if I'm wrong:

      Some guy or girl made up some math equation where bitcoins are hidden numbers right? Then everyone "crunches" their Pc trying to find these number nuggets and then those nuggets are apparently now worth 40 grand each.


      Is that far off base?

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        January 7, 2021 2:51 PM

        about half right, close enough for the public

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        January 8, 2021 3:57 AM

        You're at a grocery store. The cashier scans your groceries and says "that'll be $22,50."

        You pull $25 from your wallet, hold them in the air, and announce to the room, "I want to give $22,50 to the cashier, and I'll pay $2,50 for that privilege."

        The twenty or so other people in the room immediately pull out books of sudoku puzzles and start grinding away at them. They're all in competition as to who finishes first. Eventually one of them yells "done!" and proudly shows the finished puzzle book to everyone else. He waltzes over, takes the cash from your hand and hands it to the cashier while keeping the $2,50 you promised for himself.

        That's Bitcoin. Occasionally the sudoku puzzle winner finds a $100 bill in the back of his sudoku book, but that's rare.

        Also, sometimes there are other shoppers in the store offering bigger rewards for the winning sudoku puzzler, enticing them to work on his transfer instead of yours.

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      January 8, 2021 3:59 AM

      Litecoin is doing well also, which is where I have invested.

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