Business News Asia
Today, bitcoin took another step forward with the achievement of a market capitalization of $929,014,620,160 U.S. dollars overtaking official Facebook based on data from Asset Dash.
Last night (Oct. 4) at 10 PM ET, Facebook’s system, IG, crashed globally, causing Facebook shares to fall 5.6% and lose 1.6 trillion baht ($47 billion).
Although Bitcoin experienced a major correction earlier this year, the BTC price has risen more than 360% since last year. Facebook, in comparison, rose only 22%.
However, this information is only a comparison between the value of publicly traded Facebook shares and Bitcoin, a financial asset in a decentralized network. Other Bitcoin Company trades are not included here. Bitcoin has become the highest-yielding asset over the past decade, and many believe Bitcoin could experience a major upswing in the fourth quarter of this year.
According to historical statistics, the bitcoin price has increased in the 4th quarter of every year. Coupled with the current situation that could help drive the bitcoin price even higher. These include the expansion of the dollar supply by the Federal Reserve, El Salvador’s move to legalize bitcoin as a currency, and the dwindling supply of bitcoins on exchanges around the world. As a result, most investors are increasingly turning to long-term Bitcoin holdings.
It remains to be seen whether the fourth quarter will bring the hoped-for bitcoin price increase.