Price of bitcoin reaches $41,130 after having jumped 9.75 percent during the trading session.
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.
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#Bitcoin > @Tesla pic.twitter.com/fvkpadsNwk— Cryptowatch (@cryptowat_ch) January 7, 2021
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.