Bitcoin's price topped $ 0,000 today for the first time in history and continued its rapid rally as several major corporations add cryptocurrencies to their assets.
It didn't hold long, but at the time of publishing it's still trading above $49k.
Bitcoin has received a series of boosts from big companies like Tesla and Mastercard showing support. Tesla announced last week that it had bought $ 1.5 billion worth of Bitcoin and plans to accept bitcoin as a payment method for its vehicles, while Mastercard said it will open it's network to crypto. PayPal and BNY Mellon are among other big names to jump so far in 2021.
There's also a lot of people on edge wondering if printing trillions of dollars in response to the coronavirus will impact traditional fiat currencies, which so far have somehow remained unscathed. Regardless, Bitcoin presents a safe-haven for those worried this will change.
Currently, the 'bullish' factors at play remain in play - we expect more companies to move in to the space, and expect government's to continue to provide the motivation.
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Author: Mark Pippen
London News Desk
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