The price of bitcoin cryptocurrency continues to strengthen by rising to its highest level after on Friday (19/2/2021) and extending a two-month rally that brought its market capitalization above $1 trillion. On Sunday (21/2/2021), Bitcoin price rose to a record US $ 58,354. This gain took the weekly gain to around 20%, and has jumped about 100% this year, as reported by Reuters.
Previously, bitcoin prices traded below US $ 54,000 per chip on Friday, and rose above US $ 55,000 later on, according to Coin Metrics. The price of bitcoin itself has seen a rise of around 350% in the last six months.
Bitcoin’s gains have been driven by evidence that one of these cryptocurrencies is Mastercard Inc, and BNY Mellon.
Bitcoin is in the spotlight of many people after Tesla and SpaceX founder Elon Musk praised the cryptocurrency, so its price has continued to soar to record highs.
Tesla also converted part of its balance sheet cash into bitcoin earlier this year and said it would start accepting bitcoin digital currency as payment, a move that sparked more interest in the currency.
However, this move to move to bitcoin has also met with opposition. The veteran Jewish-Iranian economist Nouriel Roubini, also known as Dr. Doom, called the stone age monetary system even better than bitcoin.
According to Dr. Doom, fundamentally, bitcoin is not a currency. It is not a unit of account, nor is it a measurable means of payment, and is not a stable store of value. Calling it a cryptocurrency is a mistake, it’s not even an asset.
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