The price of bitcoin has surpassed $50,000 for the first time. The cryptocurrency made a new all-time high of $50,487 on Tuesday. It has rallied by 68% since 1 January and has soared tenfold since March last year. Previous bitcoin rallies quickly fell apart as speculative fever ebbed, but investors argue that this one rests on more solid fundamentals, says Ryan Browne for CNBC.
Institutional adoption is making bitcoin a more mainstream asset, with the recent jump triggered in part by Elon Musk’s announcement that Tesla has bought $1.5bn-worth of the digital currency. Mastercard, PayPal and investment bank BNY Mellon are among other big names to have got behind the digital currency of late.
Blue-chip bitcoin?
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