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Reuters
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Bitcoin hit a new high during trading on Friday and is heading towards a market value of $ 1 trillion, despite warnings from analysts.
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The value of the world’s most popular digital currency jumped 2.6% to $ 52,932, its highest value ever, putting it on track to record an 8% jump in one week. The currency has appreciated by almost 60% since the start of the month.
Bitcoin’s gains fueled indications that it was favored by big investors and big companies like Tesla, MasterCard and even BNY Mellon.
Investors are ignoring analyst warnings that the currency “Bitcoin” is a “side economic offer” and a fragile hedge against falling stock prices.
According to CoinMarketCap, which tracks cryptocurrency data, the latest gains have pushed the currency’s market value to $ 982 billion, while the market value of all digital currencies combined is around $ 1.6 trillion. .
Tesla CEO Elon Musk, whose tweets were one of the reasons for fueling the Bitcoin rally on Thursday, said owning Bitcoin was only slightly better than holding traditional money.
He also defended Tesla’s recent decision to invest in Bitcoin, as the company’s $ 1.5 billion purchase of Bitcoin fueled interest in digital currency.
Source: Reuters
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