Bitcoin tops $40K, on route to pass Tesla market cap

Cryptocurrency Bitcoin has soared past $40,000 for the first time, rising $10,000 in just five days, and is on its way to passing Tesla's market cap. 

The price of bitcoin was $41,130 at roughly 1800 GMT on Thursday, having jumped 9.75 percent during the trading session.

The cryptocurrency, which has known wild swings in value, passed $30,000 for the first time just on Saturday.

Only six days into 2021, the cryptocurrency soared over a quarter after almost quadrupling last year, CoinDesk reported.

Bitcoin is the world's leading digital currency but currently sits at a $746.87 billion market cap value just behind Tesla at $758.26 billion.

As the Bitcoin boom continues, investors cast predictions of the cryptocurrency overtaking Tesla, Facebook, Microsoft, Google, and Apple — all major US companies worth more than $600 billion.

Bitcoin is predicted to have a market cap of $2.7 trillion by the end of 2021. 

READ MORE: States, sovereignty and the brave new world of cryptocurrencies

Elon Musk contemplating bitcoin transaction 

Meanwhile, Elon Musk has asked about the possibility of converting "large transactions" of Tesla Inc's balance sheet into bitcoin, according to a Twitter exchange between Musk and a well-known advocate for the digital currency.

Michael Saylor, chief executive officer of MicroStrategy Inc, in a tweet to Musk, suggested that the billionaire Tesla founder and head, make the move.

"If you want to do your shareholders a $100 billion favour, convert the $TSLA balance sheet from USD to #BTC," Saylor wrote in his tweet. "Other firms on the S&P 500 would follow your lead & in time it would grow to become a $1 trillion favour."

"Are such large transactions even possible?" Musk replied to Saylor.

"Yes. I have purchased over $1.3 billion in #BTC in past months & would be happy to share my playbook with you offline....," Saylor tweeted.

Tesla and Musk could not be reached for comment.