Bitcoin Surpasses $50,000 for the First Time Ever
Bitcoin broke an all-time record on Tuesday after surpassing $50,000 for the first time ever.
Bitcoin broke an all-time record on Tuesday after surpassing $50,000 for the first time ever as large companies are considering accepting payments in cryptocurrency. Last week Elon Musk, the owner of the trillion-dollar company Tesla bought $1.5bn Bitcoin, causing the currency to skyrocket. He also expressed his interest in the currency by adding the #bitcoin to his Twitter profile. This caused a 17% rise initially, which spiked the interest of other companies who have also shown support to it. Thereby causing the currency to Increase to an all-time high on Tuesday.
Companies such as Master card, also confirmed their support when they claimed to open their network to some digital currencies. PayPal and BNY Mellon were quick to follow suit and showed a favorable response to the use of cryptocurrencies. Also, the Multinational giant Uber is also between works to consider whether to accept cryptocurrencies as payment.
The current surge in Bitcoin prices has led speculators and investors to believe that the latest development in Bitcoin is not similar to the past instances. In late 2017, Bitcoin skyrocketed to around $20,000 hitting a record, followed by losing 80% of its value the following year. People believe that the 2017 bubble was caused by retail speculation whereas, the current situation is being driven by the rising demand from millions of dollars’ worth of institutional investors.
Michael Saylir, CEO of enterprise software firm Micro Strategy, also supported this claim by affirming that Bitcoin is a much more stable asset today than it was three years ago, giving the sudden boost credibility and confirming that the rise in bitcoin is here to stay. Saylir also claims that even though there is enthusiasm for the use of a bitcoin as a medium of exchange he believes that using it as a store of value is also promising.
However, skeptics believe that Bitcoin is just a speculation asset and consider it to be one of the biggest market bubbles of the financial market, as in real terms Bitcoin has no intrinsic value at all.
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