Bitcoin Crosses $50,000 Mark to Set New Record High Bitcoin Crosses $50,000 Mark to Set New Record High
Bitcoin and a dollar bill

Bitcoin Crosses $50,000 Mark to Set New Record High

The year of Bitcoin rages on. After breaking through the long-eyed $20,000 late last year, the cryptocurrency’s value has continued to skyrocket. In fact it just set yet another new record as it sailed past a major milestone.

After initially popping through the $50,000 threshold earlier in the week before pulling back, $BTC continued to rally. On Wednesday, the cryptocurrency climbed past $52,000 and has stayed on the far side of that mark in the hours since. Meanwhile, the second-largest crypto-asset Ether has also seen record highs as of late, trading for as much as $1,930.

While there are several potential reasons why cryptocurrencies are surging, one theory involves Bitcoin’s limited supply. Famously, Bitcoin has a finite cap as only 21 million coins will ever be mined. This stands in contrast to fiat currencies such as the dollar — especially during a time of economic stimulus efforts. As Morgan Creek Digital Assets co-founder and partner Anthony Pompliano explained to CNBC, “There were trillions of dollars that were printed and injected into the economy and everyone from individuals to financial institutions and corporations ran around the world looking for the best way to protect their purchasing power, they ultimately decided it was Bitcoin.”

Another big reason why Bitcoin has been getting a boost is thanks to its increasing mainstream acceptance. For example, last week, Mastercard announced plans to support select cryptocurrencies directly on its network. In a post detailing this decision, Mastercard’s Raj Dhamodharan wrote, “[W]e are here to enable customers, merchants and businesses to move digital value – traditional or crypto – however they want. It should be your choice, it’s your money.” Elsewhere, PayPal began allowing users to purchase Bitcoin and other assets on the platform late last year.

In addition to enabling crypto purchases, some companies are also investing in Bitcoin. Most notable in this category is Tesla, which announced it had purchased $1.5 billion worth of Bitcoin earlier this month. Incidentally, $BTC has increased by more than $10,000 per coin since that purchase, meaning that their holdings are now likely worth closer to $1.85 billion if not more.

Looking ahead, per usual, there are an infinite number of price predictions for where Bitcoin could go. Among them, as CNBC reports, JPMorgan Chase put a “theoretical” long-term price target of $146,000 on Bitcoin last month. As for the aforementioned Pompliano, he believes that Bitcoin could hit $500,000 by the end of the decade and even reach $1 million in an unspecified amount of time.

Of course as always, there’s really no way of knowing what’s ahead for Bitcoin or other cryptocurrencies. At the same time, the acceptance that such assets have seen in recent months has been groundbreaking. Therefore, while Bitcoin may be setting plenty of records this month, there may be many more milestones in its future.

The "Email" field is empty, you must enter some text to proceed.The text you entered in the "Email" field appears to be invalid, please edit it and try again
Get the Latest News Delivered to Your Inbox

FedEx Announces Winners of 11th Annual 2023 Small Business Grant Contest

Nearly three months after the entry period ended, FedEx has announced the winners of its 11th annual Small Business Grant Content. This year's event saw more than $300,000 in funds going to a variety of small businesses across the nation. Last month, the company revealed 100 finalists, with that list now being narrowed down to just 10 winners. This year's grand prize winners included KindVR, The Cupcake Collection, Up In...
Summer app

Student Loan Benefit FinTech Summer Raises $6 Million

For years, student debt has been one of the most talked about financial topics. What's more, while the debt itself has become a major part of many Americans' lives, discussion of student loans has become political due to efforts to forgive certain loan repayments. However, while we wait for resolution on that front, a FinTech that brings student debt benefit solutions to employers and consumers has raised a new round...
Melissa Urban holding a Ness card

Health and Wellness Rewards Card Ness Partners with Whole30

In recent years, several unique rewards cards have come to market. These include offerings from FinTech startups as well as brands looking to do something special for their loyal fans. On that note, a recently-announced rewards credit card offering is now working with a popular brand to introduce new benefits for customers. This week, the Ness Card (which is issued by The Bank of Missouri) unveiled a new partnership with...
Choice Privileges Select Card

Choice Hotels, Wells Fargo Debut Choice Privileges Select Card

With spring well underway and the summer travel season now just around the corner, Choice Hotels and Wells Fargo have unveiled their latest co-branded credit card offering. Today, the two companies announced the Choice Privileges Select Mastercard. Carrying an annual fee of $95, this card will serve as the premium option in the hotel brand's new lineup. Looking at the Choice Privileges Select, it offers a mix of rewards categories....
H-E-B and Central Market  credit cards

Imprint Launches Credit Cards from H-E-B and Central Market 

The FinTech Imprint is partnering with the popular Texas-based grocery chain H-E-B for a pair of new rewards credit cards. This week saw the launch of the H-E-B Visa Signature Credit Card as well as the Central Market Visa Signature Credit Card. With these two (nearly identical) options, customers will be able to earn rewards on groceries and beyond. First, both versions of the card earn up to 5% back on select...