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Fri, March 29, 2024

Cost of a single Bitcoin exceeds $50,000 for the first time

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The seemingly unstoppable rise of Bitcoin continued on February 16 with the cost of a single unit of the digital currency rising above $50,000 for the first time. The price of Bitcoin, which was $10,000 one year ago, has gone up almost 200% in the last three months alone. Bitcoin is rallying as more companies signal the digital currency could eventually gain widespread acceptance as a means of payment. The vast majority of those who have acquired Bitcoin have treated it as a commodity, like gold, with a few places accepting it in exchange for goods or services. Companies have been leery because of Bitcoin’s volatility and its use by parties who want to avoid the traditional banking system for a myriad of reasons. On February 16, the price crossed and recrossed the $50,000 barrier at least a half dozen times before 10 am. A week prior, the electric car company Tesla sent a tremor through the digital currency markets saying that it was buying $1.5 billion in Bitcoin as part of a new investment strategy, and that it would soon be accepting Bitcoin as payment for its cars. BNY Mellon, the oldest bank in the U.S., followed a day later, saying it would include digital currencies in the services it provides to clients. Mastercard said it would start supporting “select crypto currencies” on its network. And Blue Ridge Bank of Charlottesville, Virginia, said it would allow cardholders to purchase and redeem Bitcoin at 19 of its ATMs.
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E-Magazine
FEBRUARY 2024

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