King of cryptocurrency; Bitcoin has hit a new milestone of $60000. This comes after the cryptocurrency experienced a period characterized by both highs and lows with the cryptocurrency surging as far below the $50,000 mark. Since the end of last year, the value of the BTC has more than tripled from what the value was. The rise in Bitcoin’s value can be attributed to many factors but the biggest factor is major global companies embracing the coin. For instance, Tesla last month, invested the sum of $1.5 billion in Bitcoin and promised customers that it would be accepted in the imminent future as a medium of payment for its electric cars. Other companies and forms that have embraced the cryptocurrency include America’s oldest Bank; BNY Mellon that has started transacting the cryptocurrency among others for its clients. MasterCard which formerly did not allow the direct use of Bitcoin and other cryptocurrencies on its platform has adopted Bitcoin (and other cryptocurrencies) on its payment platform. Apple Pay also adopted the use of Bitcoin on its mobile payment platform and its Android counterparts; Google Pay and Samsung Pay also recently adopted the use of cryptocurrencies on their platform. Among other global firms that have either adopted cryptocurrency or have plans to, is BlackRock which is the world’s largest asset manager and is also looking for means to integrate Bitcoin into its operations.
Bitcoin has a market value of over $1 trillion dollars and stands at number one on the list of cryptocurrencies with the highest market capitalization. The cryptocurrency’s rise can also be attributed to the Coronavirus disease and the lockdowns that followed. Many people had to rely on it as it is arguably the fastest, most secure way of moving money with zero or almost zero transactional costs.
Although the digital currency is widely used and is gaining wide acceptance, many people and experts are of the opinion that the king of cryptocurrency; Bitcoin is more of a speculative trading tool and not a currency. Peter Schiff who is an Economist and crypto critic said in a tweet that gold was far better a currency than Bitcoin, other cryptocurrencies and traditional money.
Earlier last month, experts predicted that Bitcoin would reach the $70,000 milestone before the middle of the year. With the middle of the year still weeks away and Bitcoin trading at $60,000, it leaves one to wonder if the cryptocurrency wouldn’t reach that mark by the end of this month.