The price of Bitcoin has hit $50,000 for the first time in
history.
The cryptocurrency has been in the spotlight recently;
receiving endorsements from Elon Musk, Tesla CEO, and Mastercard.
Bitcoin, the world’s largest cryptocurrency, garnered renewed interest in January when Musk began to tweet and about his investment and updated his Twitter bio with “#bitcoin”.
Bitcoin price.
— The Spectator Index (@spectatorindex) February 16, 2021
One year ago: $9,500
Six months ago: $11,800
Three months ago: $17,000
One month ago: $37,000
Now: $50,000
Following in the footsteps of its CEO, Telsa announced that
it had updated its investment policy to get “more flexibility to further
diversify and maximize returns” to allow it to invest cash reserve in
“alternative reserve assets including digital assets”.
The company also said it expects to begin accepting bitcoin
as a form of payment for its products in the near future subject to applicable
laws.
Tesla said it would hold $1.5 billion of the cryptos on its
balance sheet.
The Bank of New York Mellon Corp., an American investment
banking services holding company, also announced that it will hold, transfer
and issue Bitcoin and other cryptocurrencies for institutional customers.
In a blog post by Raj Dhamodharan, Mastercard’s executive
vice president for digital assets, blockchain products and partnerships, the
company said it is preparing for the future of crypto and payments.
The Central Bank of Nigeria recently directed banks and
other financial institution to close accounts of persons or entities involved
in cryptocurrency transactions.
The CBN argues that cryptocurrencies pose the risk of loss of investments, money laundering, terrorism financing, illicit fund flows and other criminal activities.
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