Bitcoin is now more valuable than Facebook.
The market capitalization of the cryptocurrency crossed $1 trillion for the first time Friday, as it continues its rocket ride of the past several weeks.
Bitcoin prices at just after 11 a.m. ET topped $53,851—a 4% rise in the past 24 hours. According to CoinGecko, there are now 18.6 million Bitcoin in circulation, giving the digital currency a market cap of over $1 trillion.
Facebook, as of this morning, has a market cap of $753.2 billion. (Google parent Alphabet is at $1.43 trillion, and Amazon is at $1.67 trillion.)
Since Feb. 8, the price of Bitcoin has jumped more than $10,000. And early investors who stuck it out are seeing eye-popping returns. If you’d put $100 into Bitcoin in 2010, it would be worth more than $89 million today.
Bitcoin prices have been soaring for most of February, in fact, after Tesla’s purchase of $1.5 billion in the cryptocurrency and the automaker’s announcement that it would begin accepting the currency as payment.
Since then, several traditional finance companies have expressed interest. Morgan Stanley said it was considering whether to bet on Bitcoin, Mastercard has said it will begin allowing cardholders to transact in certain cryptocurrencies on its network. And Canada approved the first North American Bitcoin exchange-traded fund.
The question many skeptics have is whether Bitcoin is in the midst of a bubble, which could collapse and take many people’s investments with it. It was just last month, you might recall, that the crypto tumbled 20%. And Bitcoin has a history of volatility that makes GameStop’s recent ride look tame.
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