Bitcoin Surges Above $60,000 USD for the First Time

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Bitcoin continues its record run, rising above $60,000 for the first time yesterday, tripling its market capitalization to $1 trillion.

Some analysts also point to the huge stimulus package that the US government recently approved as a catalyst for its upward trend, and the ongoing pandemic has also contributed to the rise of Bitcoin, as more people use Bitcoin instead of the actual currency for online purchases.

Another factor is the number of top global companies that have adopted it as a means of payment. Electric car maker Elon Musk bought $1.5 billion worth of Bitcoin in February and will soon allow it as a means of payment for his cars. In a similar move, Mastercard will soon accept cryptocurrencies as a means of payment, while the world’s largest asset manager BlackRock is already exploring how to use digital currencies.

Still, critics point to the speculative nature of Bitcoin, which has engaged in market manipulation that has led to wild price swings and sharp falls in recent months.

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