Bitcoin Price Soars Past $50,000 For First Time Ever
The price of Bitcoin has jumped above $50,000 for the first time in its history amid reports that a number of major Wall Street investors may be planning to move into the cryptocurrency.
The cryptocurrency skyrocketed to a record high of $50,602.53 on Tuesday, February 16, after Bloomberg reported that JPMorgan and Morgan Stanley are weighing up multi-million dollar investments in bitcoin.
Meanwhile CNN reports that MicroStrategy – one of the leading investors in bitcoin – also announced that it would be borrowing $600 million to invest in bitcoin, signalling growing confidence among investors in the cryptocurrency’s value
The new peak is the latest high watermark set in a rollercoaster few months for the cryptocurrency, which has grown by 70% since the start of this year alone, and seen its value more than triple since November.
Naeem Aslam, chief market analyst at Bitcoin broker AvaTrade, told Sky News that he expected bitcoin’s value to continue to grow in the coming weeks and months as major Wall Street investors seek to get in on the action. ‘Institutions are all over it’ he said, adding, ‘There is a lot of FOMO among traders as price is going through the roof and we have limited supply.’
According to Aslam, the sky is the limit for the cryptocurrency, which he believes could go as high as $65,ooo in the near future.
Since reaching the record high earlier to day, bitcoin has fallen slightly to around $49,300, but is still up some 3% in the last 24 hours.
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