After both Wall Street and Main Street have increasingly adopted the largest digital currency in the world, Bitcoin is nearing $50,000, setting a new record.
The price of Bitcoin reached $48,800 this morning, up 3.2%, having traded as high as $49,714 earlier today, with the cryptocurrency's value increasing by 70% so far. Virtual currencies are increasingly entering the mainstream as a tool for assets and routine payments after being long avoided by traditional financial companies. According to a disclosure to the U.S. Securities and Exchange Commission, Bitcoin surged by 12% last week to a new record above $43,000 following Tesla's announcement that it purchased $1.5 billion worth of the cryptocurrency in January. The company stated that it bought Bitcoin for greater flexibility, diversification, and returns on its funds, and noted that Tesla would also begin accepting Bitcoin as a payment method for its products. Subsequently, Tesla's shares rose by 2% in electronic trading before Wall Street opened.
