Bitcoin crosses $50,000 mark for the first time ever

Bitcoin on Tuesday broke its all-time record after cryptocurrency surged over $50,000 per coin. This comes amid growing acceptance of digital currency by mainstream investors, including some of big names in 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 same period in 2016. 

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Bitcoin has gained most in 2021, starting 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 digital currency on social media, while his electric-car company Tesla Inc. bought cryptocurrency worth $1.50 billion. Tesla also anunced that it will soon start accepting bitcoin as payment for some of its products.  

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However, Tesla is t only major company investing in Bitcoin. MicroStrategy last month anunced it will continue to buy bitcoin and currently has cryptocurrency worth $2.38 billion. According to reports, Swiss province of Zug will soon start accepting bitcoin as a form of payment for taxes. As of May 2020, re were over 18 million bitcoin worth over $64 trillion circulating market. 

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What is Bitcoin?

Bitcoin is a cryptocurrency, which is also kwn as a digital currency and is traded entirely on web. Bitcoin was invented in 2009 by an unkwn person or persons and has single administration to control it, unlike physical currencies, which are controlled by central banks all over world. Bitcoin has become hugely popular among masses in last couple of years, before which it was only kwn by a select group of people.  

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