Under the title "Bitcoin Leaves the Trillion Dollar Club... How Long Did It Take to Enter?" the Arabic website published a report on the digital currency Bitcoin. It noted that amidst a wave of violent declines that cryptocurrencies and digital assets have recently faced, Bitcoin, the most important and largest cryptocurrency, exited the trillion-dollar club amid concerns about the future of cryptocurrencies with the Biden administration's inclination to raise capital gains taxes. CoinDesk data, reviewed by Arab.net, indicates that Bitcoin's market capitalization has dropped to about $925 billion, with the price of one Bitcoin falling to levels of $49,500 compared to a record peak of about $63,000 earlier this month.
While Bitcoin exited the trillion-dollar club it had entered earlier this year, it is noteworthy that the famous cryptocurrency took about 12 years to break into the trillion-dollar club, making it the fastest asset to join the exclusive club that has only a few members. A report from Visual Capitalist indicates that major companies that reached the trillion-dollar club needed several decades to achieve this feat, such as Microsoft, which took about 44 years, Apple 42 years, Amazon about 24 years, and Google 21 years.
After Bitcoin's departure from the esteemed club, only the four previously mentioned companies remain, led by Microsoft, with a market capitalization of about $1.9 trillion.
Returning to Bitcoin, before the recent wave of declines, the famous cryptocurrency successfully added about $500 billion to its market capitalization this year, at a time when its value did not exceed $490 billion by the end of the previous year, with a record rise estimated at about double until the middle of this month.
Bitcoin received support from several factors since the beginning of this year, primarily the announcement of major companies such as Tesla and Square investing approximately $1.5 billion of their liquidity in this investment asset, which seemed to be a clear acknowledgment of the positive outlook for Bitcoin's performance. Bitcoin also received general support from the surge in cryptocurrency performance and the approval of Canadian authorities for one of the Bitcoin exchange-traded funds to operate in the market.
