Bitcoin depreciates the South Korean won, placing pressure on Google

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The crypto asset has just triumphed over the conventional asset

Bitcoin‘s market capitalization recently reached $1 trillion for the second time. The asset’s market capitalization has now exceeded that of the South Korean won.

At the time of publishing, the Bitcoin (BTC) market cap was $1.057 trillion, according to AssetDash results. This is more than the South Korean won’s money supply, which was projected to be 1,178,748,600,000,000 KRW in December 2020 and is currently valued at about $1.04 trillion.

Following the announcement that Tesla had invested $1.5 billion in BTC, Bitcoin’s market cap surpassed $1 trillion for the first time in February. The asset’s price soared to an all-time high of more than $57,000 on Feb. 20 after it was adopted by a big corporation like the electric car maker.

After gaining $57,000 this week, the price of Bitcoin is still within striking distance of a new all-time high, and its market cap may soon exceed that of Google’s parent company, Alphabet. Bitcoin’s market capitalization has already surpassed that of two large corporations this year — Tesla and Tencent, a Chinese tech giant — and is approaching Alphabet’s $1.4 trillion.

Between Bitcoin’s market cap and Apple’s, there is a healthy $1 trillion difference. Apple, for example, took over 40 years to reach the $1 trillion mark. It only took 12 years for Bitcoin to hit a market capitalization of $1 trillion from the day the first transaction was made. Google, on the other hand, took 22 years to reach $1 trillion in revenue.

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