{"id":180090,"date":"2021-02-16T18:01:20","date_gmt":"2021-02-16T15:01:20","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/bitcoin-surges-past-50000-for-first-time\/"},"modified":"2021-02-16T18:01:20","modified_gmt":"2021-02-16T15:01:20","slug":"bitcoin-surges-past-50000-for-first-time","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/bitcoin-surges-past-50000-for-first-time\/","title":{"rendered":"#Bitcoin surges past $50,000 for first time"},"content":{"rendered":"

“#Bitcoin surges past $50,000 for first time<\/strong>”<\/p>\n

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\"The
\n The value of bitcoin has multiplied by 10 in less than a year
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Bitcoin soared above $50,000 for the first time Tuesday as corporate heavyweights increasingly back the world’s most popular virtual currency.<\/p>\n

At around 1235 GMT, bitcoin hit an all-time high of $50,547.70, marking a 4.4-percent gain since Monday.<\/p>\n

It later stood at $49,213.54.<\/p>\n

The unit, once the preserve of internet geeks and hobbyists, has since exploded in popularity and has now rocketed by almost 75 percent in value this year.<\/p>\n

“The crypto king has crossed the $50,000 price level for the first time as institutions are all over it,” said AvaTrade analyst Naeem Aslam.<\/p>\n

“There is a lot of FOMO (fear of missing out) among traders as the price is going through the roof and we have limited supply.”<\/p>\n

Aslam told AFP that bitcoin could reach $100,000.<\/p>\n

“Of course, there will be some bumps but investors should consider them as an opportunity to bag some bargains,” he added.<\/p>\n

Bitcoin has been on a meteoric rise since March last year, when it stood at $5,000, spurred by online payments giant PayPal saying it would allow account holders to use cryptocurrency.<\/p>\n

The unit last week blasted its way past $45,000 after Elon Musk’s electric carmaker Tesla invested $1.5 billion in the virtual unit.<\/p>\n

In a further boost, Tesla unveiled plans to accept the cryptocurrency from customers buying its vehicles.<\/p>\n

Mastercard plus US financial giant BNY Mellon have meanwhile agreed to accept digital currencies as payments, even as many regulators remain sceptical.<\/p>\n

Adding further legitimacy, Twitter<\/a> chief Jack Dorsey and rap mogul Jay-Z are creating a fund aimed at making bitcoin “the internet’s currency”.<\/p>\n

Bitcoin, which was launched in 2009, hit the headlines in 2017 after soaring from less than $1,000 in January to almost $20,000 in December of the same year.<\/p>\n

The virtual bubble then burst in subsequent days, with bitcoin’s value then fluctuating wildly before sinking below $5,000 by October 2018.<\/p>\n

However, strengthening corporate support has transformed the outlook this time around, commentators say.<\/p>\n

“Growing corporate support for the crypto makes this a very different market to what it was in 2017,” noted Markets.com analyst Neil Wilson.<\/p>\n

In response to the rapid rise of cryptocurrencies and the dwindling global use of cash, a number of central banks have announced plans for bank-backed digital units.<\/p>\n

Unregulated by any central bank, bitcoin emerged as an attractive option for investors with an app<\/a>etite for the exotic\u2014although criminals have also picked up on its under-the-radar appeal.<\/p>\n

Yet debate still rages over the status of the digital asset, as to whether it should be seen as a form of money, an asset or a commodity.<\/p>\n

Bitcoins are traded via a decentralised registry system known as a blockchain.<\/p>\n

The system requires massive computer processing power in order to manage and implement transactions.<\/p>\n

That power is provided by miners, who do so in the hope they will receive new bitcoins for validating transaction data.\n <\/p>\n\n

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Twitter chief Dorsey teams with Jay-Z to back bitcoin\n <\/p><\/div>\n

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\n \u00a9 2021 AFP<\/p>\n

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\n Bitcoin surges past $50,000 for first time (2021, February 16)
\n retrieved 16 February 2021
\n from https:\/\/techxplore.com\/news<\/a>\/2021-02-bitcoin-surges.html<\/p>\n

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