Bitcoin’s encrypted digital cryptocurrency broke the $57,000 barrier during Saturday’s trading, achieving an all-time high.
The cryptocurrency Bitcoin ignores analysts’ warnings that it constitutes a “side-effect economic offer” and a flimsy hedge against falling stock prices.
The price of Bitcoin jumped to $57,470, continuing its annual rise by more than 90% since the beginning of the year.
Yesterday, Bitcoin broke four record peaks after surpassing $53, 54, 55 and $56,000.
Also yesterday, the market capitalization of bitcoin’s cryptocurrency jumped to over $1 trillion in an important milestone that will immortalize the currency in economic history.
Bitcoin’s gains have fuelled signs that it is being accepted by large investors, large companies from Tesla, MasterCard and even BNY Mellon.
Bitcoin’s rise follows new support from Elon Musk, the world’s richest person.
The CEO of Tesla Electric Cars said that owning bitcoin is better than owning traditional cash, and this slight difference makes it already better to acquire it.
“But when a mandatory currency has a real negative interest rate, only an idiot will look elsewhere,” he said in a tweet.
He continued: “Bitcoin is almost. Like mandatory money. The key word is here (almost)”.
Musk also defended Tesla’s move to invest in Bitcoin, saying the difference in cash made it an adventure for the S&P 500 company to acquire the cryptocurrency.
Tesla’s purchase of 1.5 billion bitcoins pushed the cryptocurrency up to record highs during the week.