Bitcoin Tops $1 Trillion Market Value and Pfizer Falls as Buffett Closes His Position
Bitcoin has hit record highs once more, passing the $1 trillion mark on its market cap. A single bitcoin is currently worth $53,910.44; in other words, a 6-figure salary isn’t even worth two bitcoin.
Industry experts have chimed in with Naeem Aslam, Chief Market Analyst at AvaTrade, noting in an email: “Bitcoin price reaching the 1 trillion dollars is the most exciting news of this year”. Moreover, Elon Musk sent out some tweets explaining why Bitcoin was the right investment for Tesla and not that risky.
Bitcoin has surged over 85% since the beginning of 2021, whereas gold prices are down nearly 6% so far this year. The age of digital currency is here, and it looks like it may be here to stay.
Pfizer’s stock saw its second consecutive day of losses closing $8.64 short of its 52-week high on Friday as shares fell 0.35%.
Positions on Pfizer have even been closed by the venerable Warren Buffett, who generally holds positions for longer durations of time than what he did with Pfizer (under a year). Some analysts speculate that Buffett sold to place his money elsewhere and get a higher return by investing in other stocks.
Pfizer fell this past month due to a disappointing fourth-quarter report, though the company called for $15 billion in full-year Covid-19 vaccine sales.
I am not a financial advisor and my comments should never be taken as financial advice. Investments come with risk, so always do your research and analysis beforehand.