- The total market cap of all cryptocurrencies has exceeded that of Google’s parent company Alphabet.
- Today, the crypto market cap topped $1.53 trillion, which is more than Google Alphabet.
- Moreover, many companies now hold about $4.8 billion in bitcoin on their balance sheets.
Bitcoin, the largest crypto, set a new all-time high of $49,714 on Feb. 14, coming close to $50,000. Therefore, the crypto market cap topped $1.53 trillion.
MicroStrategy CEO Michael Saylor said:
If your company has money on its balance sheets and it’s sitting in fiat currencies like euros and dollars, they are losing about 15% of their purchasing power each year. The simple solution is to convert some of that cash into bitcoin.
Tesla also stated that it soon might accept bitcoin as payment. It also said that it might not directly sell the bitcoin it gets as payment.
According to Bitcoin Treasuries, a tracker of corporate finance in crypto, Tesla is the second-largest holder of crypto. Toronto-based Galaxy Digital follows it with around $760 million, and many other companies. In total, companies hold about $4.8 billion in bitcoin on their balance sheets.