Trillion Dollar Bitcoin 🤔
Bitcoin's market cap reached $1 trillion for the first time ever on Friday. It's hung around that level the past few days, and is just a tick under that mark as I write this.
As Bloomberg reports:
Bitcoin’s market value reached $1 trillion for the first time, a surge that’s helping cryptocurrency returns far outstrip the performance of more traditional assets like stocks and gold. The largest digital-asset has added more than $450 billion of value in 2021 to more than $1 trillion, data compiled by Bloomberg show. The Bloomberg Galaxy Crypto Index, which includes Bitcoin and four other coins, has more than doubled.
While I can't say where Bitcoin's price will go from here, it does seem like the belief in cryptocurrency as a medium of exchange is becoming more widespread. The entry of PayPal into crypto, the pending IPO of Coinbase, and Tesla's recent Bitcoin purchase all suggest that.
However, obstacles remain for crypto to achieve its full potential...
Chief among them is lack of title. As TransitNet Architect Will Coleman and I discussed in this post last week, the inability to prove ownership creates significant risk and limits crypto's long-term potential to evolve beyond a speculative asset.
That's why we're building a key piece of infrastructure for the crypto ecosystem.
TransitNet will give companies, investors, service providers, custodians, and exchanges the tools they need to verify title.
If you're curious to learn more, you can visit TransitNet's WeFunder profile to read about the company and our financing round.