Bitcoin Broke Record Again, Hitting An All-Time High Of $50,000

Once again, bitcoin is the future. Last night, it hit a record value of more than $50,000. Specifically, after the news of MicroStrategy, a business intelligence firm, planning to raise $600 million for buying more Bitcoin, the cryptocurrency hit $50,602.53.

Over the past month, the cryptocurrency has grown 30% in value. Within a year, amid the COVID-19 pandemic, Bitcoin surged 400% in value, making it an attractive cryptocurrency, according to Forbes.

Its value hit an all-time high mark as big investors are stockpiling it and major consumer companies are taking steps to embrace it, which further pushes the growth of the cryptocurrency.

A few weeks ago, Elon Musk contributed to the growth of Dogecoin and Bitcoin as the WallStreetBets frenzy on Reddit, during which he changed his bio into “Bitcoin” and tweeted “Doge” on Twitter. He posted about both the cryptocurrencies before Tesla’s annual report was disclosed, saying that it had converted $1.5 billion to Bitcoin. Some analysts called this move a crazy, risky investment and pointed out that the company could lose almost all of its 2020 net income if the cryptocurrency declined by 50%.

Meanwhile, multiple banks and fintech companies such as Mastercard, Visa, Square, PayPal, and Bank of New York Melloncorp, recognized the demand for cryptocurrency exchange and began supporting Bitcoin as well as other cryptocurrencies. Mastercard said in a press release:

“Mastercard isn’t here to recommend you start using cryptocurrencies. But we are here to enable customers, merchants and businesses to move digital value – traditional or crypto – however they want. It should be your choice, it’s your money.”

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