Published 20:17 IST, February 16th 2021
Bitcoin crosses $50,000 mark for the first time ever
Bitcoin has gained the most in 2021, starting the year at $32,149 to closing February 16 at $49,538. Bitcoin has recorded a whopping rise of 72% this year.
- Republic Business
- 2 min read
Bitcoin on Tuesday broke its all-time record after the cryptocurrency surged over $50,000 per coin. This comes amid growing acceptance of the digital currency by mainstream investors, including some of the big names in the industry such as Elon Musk, Jack Dorsey, etc. On February 16, Bitcoin hit an all-time high of $50,602, a massive rise from a little over $400 during the same period in 2016.
Bitcoin has gained the most in 2021, starting the year at $32,149 to closing February 16 at $49,538. Bitcoin has recorded a whopping rise of 72% this year, mostly thanks to billionaire Elon Musk, who endorsed the digital currency on social media, while his electric-car company Tesla Inc. bought cryptocurrency worth $1.50 billion. Tesla also announced that it will soon start accepting bitcoin as payment for some of its products.
However, Tesla is not the only major company investing in Bitcoin. MicroStrategy last month announced it will continue to buy bitcoin and currently has cryptocurrency worth $2.38 billion. According to reports, the Swiss province of Zug will soon start accepting bitcoin as a form of payment for taxes. As of May 2020, there were over 18 million bitcoin worth over $64 trillion circulating the market.
What is Bitcoin?
Bitcoin is a cryptocurrency, which is also known as a digital currency and is traded entirely on the web. Bitcoin was invented in 2009 by an unknown person or persons and has no single administration to control it, unlike physical currencies, which are controlled by central banks all over the world. Bitcoin has become hugely popular among the masses in the last couple of years, before which it was only known by a select group of people.
Updated 20:17 IST, February 16th 2021