Bitcoin hit a new record high on Friday and is moving towards achieving a market value of $ 1 trillion, ignoring analysts’ warnings that it constitutes an “economic sideways supply” and a flimsy hedge against falling stock prices.<\/p>\n\n\n\n
The value of the most popular cryptocurrency in the world jumped 2.6% to $52,932, its highest value ever, which puts it on the track of recording an eight percent jump in a week. Bitcoin’s value has increased nearly 60% since the start of the month.<\/p>\n\n\n\n
Makasib has fueled signs that it is acceptable to big investors and mega-companies from Tesla, MasterCard to BNY Mellon.<\/p>\n\n\n\n
According to the CoinMarketCap website, which tracks cryptocurrency data, the latest gains pushed Bitcoin’s market value to $982 billion, while the market value of all digital currencies combined is about $1.6 trillion.<\/p>\n\n\n\n
On Thursday, Tesla Chief Executive Elon Musk, whose tweets were among the reasons for fueling a rally in Bitcoin, said owning bitcoin is only slightly better than holding traditional cash. He also defended Tesla’s recent move to invest in Bitcoin, as the company\u2019s $1.5 billion purchase of Bitcoin fueled interest in the digital currency.<\/p>\n\n\n\n
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