Bitcoin has been making new highs daily, and finally, it has crossed the $50k mark. This price point was being speculated for a long time now, and the coin was finally reached it. Reports suggested that if the coin can sustain above the $50k price, it might act as a support and push Bitcoin through $60k. Initially, it was said that Bitcoin’s price might cross $50k on valentine’s day, but apparently it took 2 more days for that to happen.
Bitcoin on its peak!
As of writing the article, the price of the cryptocurrency has consolidated a bit and has now been trading at around $49,150. So, for now, it seems that sustaining above the $50k mark isn’t that easy. But as more investors dive in and companies start accepting Bitcoin payments, we are going to see new highs again. The recent investments in the cryptocurrency and the growing trust in it is a major factor propelling its price forward. Tesla’s $1.5 billion investment was just the starting of a very long game that others have now joined in.
Just a few hours back a piece of news came out that the 3rd richest person of Mexico just wrote Bitcoin on his bio. And even Apple that used to ban cryptocurrency apps from its app store a few years back has added crypto support on Apple Pay. As of now, everything is going extremely well for the cryptocurrency. And it seems that except for the India ban news, nothing is even going to go wrong.
Now you can pay using crypto
Banks and payment platforms have also started accepting Bitcoin as a valid form of payment. Very recently BNY Mellon announced that it would allow users to transact using Bitcoin. On the other hand, Blue Ridge bank has also added support for buying crypto through its ATMs. The point is that some banks have stepped in the game, and very soon others will also follow suit.
Even payment method companies like Visa and Master card are going to allow Bitcoin payments on its platform by 2021 end. This is a big move as with the huge number of merchants available under these companies; the cryptocurrency will be used a lot. And this will even increase the pace of the adoption of Bitcoin. By the end of 2022 or 2023, Bitcoin will be seen more as an asset than a liability. The volatility of the currency has also significantly dropped over the past decade.
What are your thoughts on Bitcoin crossing the $50k price point? And do you think that it will be able to cross $60k soon? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.