Bitcoin's market value tops $1 trillion

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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.

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

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

 

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