As Micky News reported, the Bitcoin price recently breached the tightly-monitored $50,000 level for a quick moment on Tuesday. This was after large companies such as Elon Musk‘s Tesla and Mastercard announced considering cryptocurrencies as a mode of payment.
For the first time in crypto history, Bitcoin broke above $50,000. Per CNBC, the leading cryptocurrency rose up to $50,487 at about 7:30 a.m. ET on Tuesday. Although, it didn’t hold long as it fell back to $48,760.
Crypto investors believe that this bull run is different from BTC’s late 2017 bubble. For those who don’t know, the fifth BTC price bubble occurred in 2017 when it was hovering around the $1,000 price range at the start of the year. By December, the Bitcoin price made a remarkable ascend from $975.70 (in March) to $20,089 (December 17).
This BTC “hot streak” resulted in the birth of other digital currencies as an attempt to compete for that spotlight.
As mentioned before, Bitcoin got a big boost from Tesla and Mastercard. PayPal and BNY Mellon also took big steps in recognizing the cryptocurrencies.
Last week, Tesla bought $1.5 billion worth of Bitcoin, and Musk announced considering crypto as a form of payment for its electronic vehicles. Mastercard, on the other hand, released an official statement as well, recognizing the importance of digital assets.
“Whatever your opinions on cryptocurrencies — from a dyed-in-wool fanatic to utter skeptic — the fact remains that these digital assets are becoming a more important part of the payments world.”
Intrigued by the hype brought by “Bitcoin’s recent surge in value,” Mastercard announces its support for crypto in its network. Uber is also considering accepting crypto for its payment.
Its CEO, Dara Khosrowshahi, told CNBC that they’ve discussed but “quickly dismissed” the thought of purchasing Bitcoin, just like what Tesla did. “We’re going to keep our cash safe. We’re not in the speculation business,” says Khosrowshahi.
Meanwhile, there are other companies that may reportedly follow Tesla’s bold BTC move. Per Investor Place, the outstanding BTC price rally piqued the interest of Morgan Stanley (NYSE:MS) and JPMorgan.
JPMorgan co-president Daniel Pinto was quoted saying he expects Wall Street to get involved in cryptocurrencies. He told CNBC on Friday, “If over time an asset class develops that is going to be used by different asset managers and investors, we will have to be involved. The demand isn’t there yet, but I’m sure it will be at some point.”
Featured image courtesy of jaydeep_/Pixabay
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