Bitcoin Hits an All-Time High Before the Direct Listing of Coinbase
Bitcoin has also become the most valuable cryptocurrency on the market
Bitcoin has hit an all-time high of around US$63,000 (AU$83,000) on Tuesday. The reason for this new high seems to be the fact that the cryptocurrency exchange platform Coinbase will go public in a day.
Bitcoin at an all-time high
Interestingly, Bitcoin has also become the most valuable cryptocurrency on the market. As per stats, Ether also reached a record of US$2,230 (AU$2912.05). This is not the first time Bitcoin has reached new highs. It reached US$60,000 (AU$78,000) in March. That new high was mainly due to tweets from Tesla boss Elon Musk as well as Tesla’s decision to buy US$1.5 billion (AU$1.96 billion) of the currency. The company had also announced that it would accept Bitcoin as a future payment option. It increased the real-world application of the currency.
Coinbase is the first major player that will be going public. It is also the largest cryptocurrency exchange in the US. The company posted a record US$1.8 billion (AU$2.35 billion) in estimated revenue earlier this month. It is a 900 per cent jump from the first quarter of 2020. It must be noted here that the exchange was valued at more than US$100 billion (AU$130 billion). Sceptics believe that this number might be inflated.
Another reason for the boom in Bitcoin is that several other companies also show faith in it and intend to use it. The Time Magazine has announced that it will soon start paying its President in Bitcoin. Even Apple Pay has allowed users to spend Bitcoin online and in stores by introducing BitPay Prepaid Mastercard support for Apple Wallet.
The card and the integration with Apple Pay have allowed everyday consumers to instantly convert cryptocurrency into dollars they can spend at any place Mastercard debit is accepted. Talking about the acceptance of Bitcoin and BitPay, Stephen Pair, the CEO of BitPay, said, “We have thousands of BitPay Wallet app customers using the BitPay Card who are always looking for new places and ways to spend their crypto.”
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