The market value of Bitcoin has exceeded all expectations and reached an All-time-high of $64,000 on Wednesday morning, with many suspecting the support and adoption of cryptoassets by large companies and financial institutions has extended the bull market.
The largest and most well-known cryptocurrency, Bitcoin, reached a price of $64,234.38 Wednesday 5am ET according to CoinMarketCap. The support for Bitcoin has returned since the fall at the end of February, where the previous record high was set earlier in the month.
The astonishing rise of Bitcoin with an increase in value of up to 957% within 12months, has for the second time surpassed a market cap of $1 trillion. One cannot overstate the importance of expanded adoption by diverse institutional investors and companies, increasing awareness and demand.
Elon Musk, CEO of Tesla, has often championed Bitcoin and other cryptoassets, confirming his belief in Bitcoin with an investment of $1.5 billion into the asset. With Tesla having recently declared they fully expect to embrace the cryptoasset as payment for goods and services, many have seen this as positive influence and garnering further interest in Bitcoin.
Bitcoin Investment for Businesses?
Support for cryptoassets has increased among many companies, with Mastercard hoping to allow this as soon as possible and others such as PayPal and BNY Mellon looking to follow closely behind.
Many Bitcoin enthusiasts and analysts have suggested the recent pump has been created from increased demand from the institutional sectors, some have even suggested this creates a separate distinction form previous runs such as the $20,000 late 2017 before an 80% drop in value. There are however, sceptics questioning the validity and true worth of the asset, fearing that a Bitcoin investment could be a stimulus-fuelled ‘market bubble’.
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