Bitcoin surges to a new record high of $60,000 amidst a real acceleration

Saturday morning featured Bitcoin hitting a new high record of $60,000 as it continued rallying major companies and institutions to join the cryptocurrency adoption. According to Coinbase, Bitcoin is the world's biggest cryptocurrencies with $60,415.34 as of 7:25 a.m. ET post recovery from a dip at the end of February. Coinbase reveals that the digital currency has moved up by 963% over the last 12 months and also surpassed $1 trillion last week for the second time in 2021. 

Bitcoin had been pushed in part by the enhanced adoption and speculative demand by firms and institutional investors. Tesla's decision to acquire $1.5billion worth of bitcoin has incited global interest, as the company also plans to accept the digital coin as payment for its products. MasterCard is also following this trend by stating that it will open up its network to some digital currencies and PayPal and BNY Mellon are also moving into this world. 

Bitcoin experts and adept followers think that this current is influenced by institutional investors' demand. This makes it different from past rallies when bitcoin shot up to almost $20,000 in late 2017 before losing 80% of its value the following year. Others opined that all cryptocurrencies, bitcoin inclusive have no intrinsic value. They are concerned that Bitcoin might very well turn out to be the biggest stimulus-fueled market bubbles on record.


Be the first to comment!

You must login to comment

Related Posts