The world's largest cryptocurrency, Bitcoin, gained traction among investors and major companies, rising above $ 51,259,000 on Wednesday for the first time.
Bitcoin rose 4.2%, according to data seen by Al-Arabiya.net, on coinmarketcap.
According to Arabiya Net, Bitcoin has recently continued to break new highs, and has risen by more than 70% since the beginning of this year, and most of the gains came after the industry company said Tesla electric cars bought 1.5 billion Bitcoins.
The move by Tesla, which has also said it will accept Bitcoin as a payment method, is the latest in a series of large investments that have jumped Bitcoin from financing margin to company balance sheets. Wall Street, where US companies and traditional money managers have begun to buy currency.
“The rally in Bitcoin partly reflects the recent recovery in market confidence, but also the headlines pointing to increased acceptance,” said Jane Foley, Head of Forex Strategy at Rabobank.
Companies.
The Evolve Funds Group said Tuesday it has applied to launch a Bitcoin ETF on the Toronto Stock Exchange. This will be the second planned Bitcoin ETF after Canada's major securities regulator approved one by Purpose Investments Inc.
Trending moves like these could help Bitcoin become a widespread payment method, having failed so far to achieve widespread adoption, thus boosting prices.
"The more people who embrace it and use it as money, the more chances are that it will be accepted as the main currency," Ross Mold, chief investment officer at AJ Bell told Reuters. It feeds more speculative interests.
The rally in 2021 by individual and institutional investors comes on top of a 300% rise last year as investors searched for high-yielding assets and dollar alternatives amid low interest rates Or even negative on the world level.
