Bitcoin has hit above the $50,000 mark for the first time in history on Tuesday, Feb. 16th, after riding the Valentine’s Day surge, per The Spectator Index. The cryptocurrency is continuing its stunning rise which has sent it about $20,000 this year.
Following its unstoppable rise and the news of business intelligence company MicroStrategy is planning to raise $600 million to buy more Bitcoin, Bitcoin hit a record $50,602.53.
Bitcoin has gained more than 30% value over the last month. By skyrocketing with 400% in one year's time amid the COVID-19 pandemic, it has become a rather attractive cryptocurrency, Forbes reports.
It is surging to all-time highs as big inventors stockpile it and huge consumer companies take steps to embrace it. This is further fueling its soaring valuation. The surge is mainly driven by the news of large companies such as Tesla, Mastercard, and BNY Mellon embracing cryptocurrencies.
Tesla, which is currently the most valuable company on the stock market, announced recently that it has purchased $1.5 billion of Bitcoin. This massive investment had prompted the cryptocurrency's price to jump 7 percent.
Mastercard also announced that it will support some cryptocurrencies on its network later this year. This represented a major milestone for Bitcoin since Mastercard will be its most mainstream platform yet. BNY Mellon, which is the oldest U.S. bank, has also shown support for Bitcoin which was widely acknowledged as another tipping point. The bank will begin financing bitcoin and other cryptocurrencies.
This was a breaking story and was regularly updated as new information became available.