Bitcoin hit its all-time high mark of more than $50,000, topping its previous mark of $49,716.44. The world’s largest digital currency by market value rose more than 3% to an all-time high of $50,487 at about 7:30 a.m. ET, according to data from Coin Metrics.
Bitcoin has gained support from the largest firms from around the world like Tesla and Mastercard. These business giants have shown their support for cryptocurrencies. Last week Tesla bought $1.5 billion worth of bitcoin. It also plans to accept Bitcoin as a mode of payment for its products and services.Mastercard will soon open up its network to payment through cryptocurrencies. BNYMellon and PayPal have also made big moves in support of cryptocurrencies.
“I think bitcoin is a much more stable asset class today than it was three years ago,” Michael Saylor, CEO of enterprise software firm MicroStrategy, told CNBC’s “Street Signs Asia” program on Tuesday. “It used to be dominated by leveraged retail traders … on international markets with a lot of leverage.”
Google Pay and Samsung Pay will accept BTC and other cryptocurrencies soon
After the increasing actions of several governments in banning several cryptocurrencies such as Bitcoin, it is likely that they will stay around for a while. Recently, Twitter announced that it will consider using Bitcoin. Now, Samsung Pay and Google Pay may also chime in soon.
Cryptocurrencies are a popular and more stable mode of international transactions. It is believed that very soon Samsung Pay and Google Pay will start accepting Bitcoins as payments. Google and Samsung will be joining Apple as platforms that have the functionality to provide cryptocurrencies as payment methods for goods and services. Bitpay, a currency provider and payment platform, hinted that it will bring Samsung Pay and Google Pay support as early as March 2021.
Elon Musk believes Bitcoin is better than cash
Tesla CEO Elon Musk said that owning cryptocurrency BTC is better than holding conventional cash. It is a better asset to hold than cash.”However, when fiat currency has a negative real interest, only a fool wouldn’t look elsewhere,” Musk said in a tweet. “BTC is almost as bad as fiat money. The keyword is ‘almost’.”
The $1.5 billion BTC purchase by Tesla set the cryptocurrency soaring to a record high of $50,000 this week, while the recent promotion of dogecoin by Musk on Twitter also raised the price of that cryptocurrency.
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