Bitcoin Trailblazing $50,000 Record High Days after Elon Musk’s $1.5bn Investment

Bitcoin registered another record high performance that has seen its value surge beyond $50,000 in New York making it the largest cryptocurrency in the world. The cryptocurrency continues to fascinate investors across the globe as corporates and moguls scramble to invest in digital currencies.

The value of bitcoin has been bolstered by endorsements from top investors like Elon Musk, Stan Druckenmiller and Paul Tudor. Tesla’s $1.5 billion investment in bitcoin saw the price shoot by 16 percent.

Apart from Tesla, big companies such as BNY Mellon, Paypal, Microsoft, Wikipedia and Mastercard have shown support for cryptocurrencies. CNBC reports indicate that bitcoin received a major boost in 2017 where the value skyrocketed to $20,000 before slumping 80 percent of its value the subsequent year.

Mastercard stated that it would support bitcoin and other cryptocurrencies on its payment platform at the course of 2021.

The current surge is driven by demand for institutional investors while the 2017 one was triggered by retail speculation. MicroStrategy, a lead corporate investor in bitcoin, proclaimed on Tuesday that it would borrow $600 million to buy more bitcoin.

Bloomberg reports quoted Trenchev cautioning investors to prepare for wild ride after the magical milestone. He said: “Short-term volatility is very much a feature of this bull market and investors should prepare accordingly.”

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