On Saturday, for the first time Bitcoin momentarily descended above $60,000 as increasing backing from corporate heavyweights helps the world’s most popular virtual currency continue its record-breaking run.
According to the website CoinMarket Cap, the cryptocurrency hit an all-time high of $60,012 at 11:49 GMT.
Since March of last year, Bitcoin has been on a meteoric ascent when it stood $5,000 incentive by online payments giant PayPal saying it would allow account holders to use cryptocurrency.
Last month electric carmaker Elon Musk’s Tesla invested $1.5 billion in the virtual unit. Others jumping on the bandwagon consist of Wall Street player BNY Mellon, investment fund giant Black Rock, and credit card titan Mastercard.
Bitcoin, which was launched back in 2009, hit the headlines in 2017 after it rose from less than $1,000 in January to almost $20,000 in December of the same year.
Although last year’s mount has been steady, investors and Wall Street finance giants pursued a giddy spurt, the opportunity for profit and asset diversification, and a safe store of value to guard against inflation.