Bitcoin is a massive juggernaut now- as it has crossed the psychological barrier of $60,000, weeks after it crossed the $50,000 barrier. BTC had previously crashed through the levels of both $30,000 and $40,000 barriers a few days into January. Currently, the circulation of BTC has gone above a trillion dollars.
Bitcoin’s Juggernaut Keeps Moving At a Behemoth Pace
The prices of BTC have also doubled up in the current year- with an increase of around 107% from the previous closing price of the cryptocurrency at $28,987.60. Several investors are pretty excited to witness Tesla owning up to $1.5 billion worth of BTC added into their balance sheet. The company dealing in electric vehicles also mentioned that it would be looking into allowing their clients to use cryptocurrency to purchase their vehicles.
Tesla’s inclusion of cryptocurrency in its payment scheme has led the market to speculate that other companies might start thinking of Bitcoin in their schemes. This could also be because BTC had a much higher return than cash or bonds. MSTR, a software firm, has recently started purchasing massive amounts of BTC.
Currently, there are several top financial firms that have been helping in validating Bitcoin. Square and PayPal have already started allowing their users to purchase and sell BTC. Other behemoths like Mastercard and Visa have also started including cryptocurrencies in their mix. Other institutions like the Bank of York Mellon and BlackRock have also started dabbling in cryptocurrency.
Most of the investors have drawn closer to BTC owing to this perception that it would prove to be an interesting hedge combating inflation and a much weaker dollar in the event that bonds start rising.
Bitcoin bulls have argued that this cryptocurrency is similar to digital gold- which might even be a substitute for the yellow metal. In that value, cryptocurrency has surged quite a bit this year whilst gold has also fallen.
