Bitcoin News: For the First Time Ever, Bitcoin Surges Past AUD $64,000 (USD $50,000)
Bitcoin lowered by 25 per cent at the end of January, it had rallied against the drop
Bitcoin is making new records, and this time it achieved the milestone of AUD 64,000 or USD 50,000 for the first time. It achieved this feat this Tuesday as cryptocurrency continued its amazing rally.
The rise of Bitcoin
One of the recent reasons for the surge in Bitcoin is that Tesla boss Elon Musk had expressed interest in it. Last week, Tesla shared that it had bought the digital currency worth AUD 1.94 (About USD 1.5) billion, and it plans to accept Bitcoin as a payment shortly.
Discussing Bitcoin, Musk had stated “I do think at this point bitcoin is a good thing. And, so, I am a supporter of bitcoin. Like I said, I was late to the party, but I am a supporter of bitcoin. And I think, bitcoin is really on the verge of getting broad acceptance by conventional finance people.”
The CEO of MicroStrategy, Michael Saylor, said last week that he expects an avalanche of corporations embracing the cryptocurrency. MicroStrategy is a business intelligence software company that was the first-ever publicly traded company that had added bitcoin to the balance sheet.
US investment bank, Morgan Stanley is also likely to add bitcoin to the list of potential bets for investors. Even JPMorgan Chase will probably get involved in cryptocurrencies if enough of its clients’ express interest in it. Another big name from the US, Square has also invested AUD 65 million (About USD 50) million in bitcoins and has bought 4700 bitcoins.
2021 has been a phenomenal year for digital coins as bitcoin’s value has grown by over 66 per cent and has crossed AUD 39,000 (About USD 30,000) shortly after New Year’s Day. It rose to AUD 52,000 (About USD 40,000) later that week. Though the price lowered by 25 per cent at the end of January, it had rallied against the drop in value.
Celebrities like Maisie Williams, Gene Simmons and Lindsay Lohan have also expressed public support for cryptocurrencies like Bitcoin. It will be interesting to see whether the cryptocurrency will be able to keep up the hype and the pace at which it is growing.
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