The party is still not over for Bitcoin hodlers as the cryptocurrency price is treading towards its all-time high.
Bitcoin crossed the $50.000 benchmark recording a new all-time high.
Bitcoin Creates History, Crosses $50,000
While Bitcoin is gaining mainstream adoption, every day new financial behemoths are announcing support for Bitcoin in one way or other. Major financial institutions are rolling out support for Bitcoin on their platforms; newer businesses are announcing integrating Bitcoin as a payment method for their services. The world’s largest cryptocurrency is just getting bigger by the day, showcasing a gigantic increase in the price. While at the end of 2020, the Bitcoin enthusiasts were celebrating the all-time high of $20,000, within two months the cryptocurrency has touched a new benchmark of $50000.
Lately, the richest man on earth, the founder of SpaceX and Tesla began showing interest in Bitcoin. He was seen tweeting about the cryptocurrency which further accelerated the price of already racing crypto token. After Tesla announced that it bought $1.5 Billion worth of Bitcoin, the crypto markets were set ablaze. Within the last few months, major players like MicroStrategy, Galaxy and Grayscale Investments have invested heavily in Bitcoin. The CEO of MicroStrategy, Michael Saylor, is seemingly on a mission to bring Bitcoin into every corporate’s balance sheet. Leading banks like Morgan Stanley, JPMorgan, Citi Financial and Deutsch bank are exploring cryptocurrency and especially Bitcoin to strengthen their foothold in the emerging markets. After PayPal announced support for Bitcoin in its platform, the cryptocurrency gained mainstream acceptance as the users could buy and store crypto on their PayPal accounts and use it as a payment method across PayPal’s 28 million merchants.
As Bitcoin gets stronger each day, it recently surpassed Russian Ruble fast treading towards the world’s top ten currency. The market capitalization of Bitcoin has also reached substantial figures and is just slightly lesser than $1 trillion. Bitcoin is now the sixth-largest asset in the world, and as it continues to rise at an exponential rate, it is no surprise if it catches a higher spot very soon. Leading financial institutions have projected a highly optimistic price for Bitcoin. Citibank has forecasted that Bitcoin can reach $300,000 mark in the future, calling it digital gold amid growing devaluation of USD.
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