Bitcoin Enters New Heights Attracting Large Corporations


Bitcoin recently broke $50,000 for the first time since its start in 2009. As Bitcoin continues to rise, it rallies major companies that want to jump into the future of online currency.

Bitcoin, the largest cryptocurrency in the world, rose more than 3%, approaching an all-time high of $50,487, the first price over $50,000, at around 7:30 a.m. on February 16th, according to data from Coin Metrics.
Bitcoin recently received a boost from large firms like Tesla and Mastercard, showing signs of support for the new currency.

According to CNBC, “Tesla revealed it had bought $1.5 billion worth of bitcoin and plans to accept digital coins for its products, while Mastercard said it will open up its network to some digital currencies. Paypal and BNY Mellon have also made big moves to support crypto… Tesla’s use of corporate cash to buy bitcoin sparked speculation over whether other major companies would follow suit.”

Although Bitcoin has become the world’s largest online currency, it is still an uncertain move for investors who see no reason to purchase inanimate objects that could either be hacked and stolen or disappear online. Many investors have already lost money and time investing in crypto since the currency is not built on any real foundation. Crypto does not have a product or solution, so people mean getting excited about something they will never be able to “touch.”

Through Bitcoin, many investors made life-changing capital gains, but some still lost a large chunk of their money and hours of their devotion to the cause. A few Investors lost passwords to their accounts, losing hundreds of millions of dollars worth in coins. Their dreams and futures are crushed because there is no proof of their purchases. According to Business Insider, “…Stefan Thomas made headlines this week after a lost password rendered his bitcoin stash worth $220 million inaccessible … [where] 7,002 bitcoins were stored.”