Bitcoin Rises above $50,000 for the first time

On Tuesday Bitcoin showed a rise above $50,000to a new record high, building on a rally fuelled by signs that the world’s biggest cryptocurrency is gaining acceptance amongst mainstream investors.

Thus, Bitcoin hit a new high of $50,602, and was last up five per cent at $50,300. It has risen around 72pc so far this year, with most of the gains coming after electric carmaker Tesla said it had bought $1.5 billion in bitcoin.

It also said it would accept the currency as payment.

Moreover, Ben Powell, APAC chief investment strategist at BlackRock’s the Investment Institute stated on CNBC earlier this month, that “Digital currencies, it seems clear to us, are going to be an increasing part of financial architecture very broadly and potentially portfolios moving forward.”

Bitcoin has seen a swift rise since March 2020, when it stood at $5,000.

Last month, Bitcoin’s rise “blows the doors off prior bubbles,” BofA said.