Bitcoin gets dangerously close to hitting $50,000 after it reached another all-time high of $48,400 which confirmed the predictions of going higher so let’s read more in our latest Bitcoin news.
The cryptocurrency has been on an upward surge over the past week after Tesla’s investment in Bitcoin. With the Bitcoin price increasing, the analysts predict a price of $50,000 that could be coming very soon. With Bitcoin’s price shooting up to hit another all-time high in the price of $48,800, it did retrace slightly afterward and fell to $47,800 at press time. The number one cryptocurrency was on an upward trend since Elon Musk announced that Tesla will invest $1.5 billion into Bitcoin back in the week.
Since February, Bitcoin increased 24% from under $39,000 which surge shows that Bitcoin gets dangerously close to the $50K level. Bobby who is a team lead at yield farming protocol yAxis said:
“BTC approaching $50k shows that new funds continue to enter the space. We’re seeing a shift from investors looking beyond speculative gains to earning interest on the value of their BTC.”
Tesla’s huge investment in Bitcoin is the latest in a long stream of companies from the traditional finance sector that embraced Bitcoin. Ever since Microstrategy invested $425 million in BTC back in August and September in 2020, other companies got on board with the crypto as well. This includes PayPal which already announced to its US customers that it will be able to trade into BTC. Kevin Lu, the head of business development at Band Protocol noted:
“Bitcoin will always be the point of entry for new participants. Institutional adoption is only beginning with Paypal, Tesla, Mastercard at the forefront – but we can expect more companies to support and branch into adoption.”
As recently reported, Tesla’s investment has just put Bitcoin’s market cap en route to $1TN while many found the prediction made by Plan B in his bullish paper “Modeling Bitcoin Value with Scarcity” back in 2019 for the same level, crazy. Plan B noted that certain precious metals like gold have maintained their monetary role because of their costliness and the limited supply rate and he applied the same argument to BTC which is now more valuable as a programmed algorithm.
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