Bitcoin jumps above $50,000 for first time ever

San Francisco, Feb 16 : With a sign of acceptance among the mainstream investors, world’s largest cryptocurrency Bitcoin surpassed a record high of $50,000 on Tuesday. Bitcoin saw a new high of $50,602 and was hovering at $50,300.
This year, Bitcoin rose around 72 per cent after tech billionaire Elon Musk’s electric vehicle company Tesla invested $1.5 billion in it.
“Sustained interest from institutions has had a positive impact on Bitcoin’s price, pushing it on an upward curve. In December 2020, it touched an all-time high crossing $24,000 in valuation, marking a 224 per cent increase from where it started its journey at the beginning of the year,” Sumit Gupta, CEO and Co-founder, CoinDCX, said in a statement.
“By the beginning of 2021, BTC had jumped to a valuation of $40,000. With each passing day, we are seeing it breaking every resistance. In the second week of May 2020, bitcoin witnessed its third halving since its inception, thus bringing a further drop in its estimated future supply,” Gupta added.
Tesla has said that it will also “begin accepting bitcoin as a form of payment for our products in the near future”.
Bitcoin and cryptocurrency payment service provider ‘BitPay’ also announced that its prepaid card now supports Apple Pay for in-store, in-app and online payments.