Big news, I get up this morning to check the status of Bitcoin on the wallet when I see a big jump of $ 50,000 worth of bitcoin.
For the first time, bitcoin crossed the price of $ 50,000 today, continuing its accelerated growth. The world’s largest digital currency by market value rose more than three percent, to a record $ 50,487, according to Coin Metrics.
Bitcoin received an incentive after the news that large companies Tesla, Mastercard and BNY Mellon are investing significant funds in cryptocurrencies. Last Monday, Tesla said it had bought $ 1.5 billion in bitcoin as part of a new investment strategy and would soon accept it as a form of payment for its cars.
Mastercard has announced that it will open its network to some digital currencies. PayPal and BNY Mellon also pulled moves toward cryptocurrency support.
Tesla's use of corporate cash to buy bitcoin has sparked speculation as to whether other large companies will follow suit. Uber CEO Dara Kosrovshahi told CNBC last week that his company had considered and quickly rejected the idea of buying bitcoin, but was considering accepting cryptocurrency as a means of payment.
These developments have led many investors to believe in cryptocurrencies as the latest rise in value differs from previous ones. Bitcoin jumped to $ 20,000 at the end of 2017, and then lost 80% of its value the following year.
“I think bitcoin is a much more stable asset today than it was three years ago,” said Michael Sailor, CEO of MicroStrategy, a corporate software company.
MicroStrategy and financial-technology company Square reached the media last year after adopting an unusual strategy of using the company's cash to buy bitcoin.
