The seemingly unstoppable rise of Bitcoin continued on Tuesday with the cost of a single unit of the digital currency rising above $50,000 for the first time. The world’s largest cryptocurrency jumped as much as 4.9 per cent to $50,548 and is now up about 70 per cent, so far this year. Bitcoin pared its gain after setting the record high. Ether, a rival crypto, hit a record on Friday and is up about 140 per cent year-to-date. The same Bitcoin just one year ago would have cost you $10,000. The price is up almost 200 per cent in the last three months alone. Bitcoin is rallying as more companies signal the volatile digital currency could eventually gain widespread acceptance as a means of payment. The vast majority of those who have acquired Bitcoin have treated it as a commodity, like gold, with few places accepting it in exchange for goods or services.
The price and volume of bitcoin have surged in the domestic market in the past 15 hours after Tesla Chief Executive Officer Elon Musk’s announcement of investment in the cryptocurrency, according to Indian exchanges.
Bitcoin has been on fire ever since Musk announced that Tesla had bought $1.5 billion of the cryptocurrency, and that his electric-vehicle company would accept bitcoin from buyers. The announcement saw the international bitcoin price cross $48,000 from below $40,000 in just two days. In India, the price has surged from around Rs 28 lakh to about Rs 35 lakh in the last couple of days; it was about Rs 22 lakh on January 27.
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