On Saturday, Bitcoin briefly surpassed $60,000 (roughly Rs. 43.7 lakhs), as the support from corporate heavyweights aids the world’s most popular virtual currency is continuing its record-breaking streak.
According to the website CoinMarketCap, the cryptocurrency reached an all-time high of $60,012 at 1149 GMT.
Since March of last year, when it peaked at $1,500, Bitcoin has risen at a breakneck rate, when it peaked at $5,000, fuelled by PayPal’s announcement that account holders will be able to use cryptocurrency.
Last month, Tesla, Elon Musk’s electric car company, invested $1.5 billion in Bitcoin, and Twitter CEO Jack Dorsey and rap mogul Jay-Z announced the creation of a fund to make Bitcoin “the internet’s currency.”
Wall Street titan BNY Mellon, hedge fund behemoth BlackRock, and credit card behemoth Mastercard are among those who have joined the bandwagon.
Bitcoin, which was first introduced in 2009, made headlines in 2017 after skyrocketing from less than $1,000 in January to nearly $20,000 in December.
The virtual bubble then exploded in the days following, with bitcoin’s value fluctuating wildly before plummeting below $5,000 by October 2018.
Investors and Wall Street finance titans were wooed by dizzying acceleration, the potential for profit and asset diversification, and a secure store of value to guard against inflation in the previous year’s rise.