Bitcoin hits $60000! Bitcoin hits $60000 amid rising interest from institutional and traditional investors. This is a new record for the cryptocurrency.
Bitcoin has tripped in value since the end of 2020, powered by big companies like Tesla and MasterCard.
This new record is likely the result of the latest round of stimulus checks starting to go out after President Biden signed the $1.9 trillion in aid due to COVID-19. Bitcoin, however, does have a track record of being volatile and prices have often fallen sharply since the coin’s creation.
Critics say that Bitcoin and other cryptocurrencies aren’t currencies and are more akin to speculative trading tools that can and are open to market manipulation. There’s also concern over the environmental effects of the large amount of energy needed by Bitcoin and other Proof of Work coins to conduct transactions.
But for each detractor, there seems to be an active voice touting its benefits. Elon Musk has been a prolific tweeter expounding upon the benefits of cryptocurrency. His company Tesla recently bought $1.5 billion dollars worth of the coin, and has said that it would be accepted as a form of payment in the future.
MasterCard has recently announced that it would be accepting some types of cryptocurrency as a form of payment as well.
Wall Street has recently taken notice of crypto as well – some of it renewed! Goldman Sachs recently announced that they were restarting its cryptocurrency desk that had been shuttered in 2018. Last year, Goldman announced that crypto was not an asset class.
What do you think? Let us know on our Facebook page!