Bitcoin Just Hit $50,000 For the First Time Ever
This is incredible.
Only a month ago, the Daily Dropout was reporting how Bitcoin, a digital currency that people invented with computers, just hit $40,000 a coin.
Well, it just crossed $50,000 a coin for the first time ever.
Before it’s recent surge, Bitcoin’s previous high was $20,000 a coin. That was two months ago.
If Bitcoin were a corporation, it’s market cap would be fifth, behind only Apple, Microsoft, Amazon, and Google’s parent company Alphabet.
Bitcoin is now also reportedly the fifth largest currency in the world.
Bitcoin bulls think Bitcoin is about to rise even higher.
Tesla recently revealed it bought $1.5 billion in bitcoin, which means Tesla, and its founder Elon Musk, have poured nearly 10% of the company’s cash holdings into bitcoin. Tesla said in a filing with the U.S. Securities and Exchange Commission filing it’s investment in digital currency and other “alternative reserve assets” may grow — so Tesla might buy even more bitcoin.
The question now is, what other companies are going to invest in bitcoin and hold it as an asset?
In addition, Mastercard and PayPal are just two of the major corporations considering incorporating bitcoin in their processing services.
Bitcoin is divisible, so people can buy .000000001 units of a bitcoin if they like. It’s not necessary to spend $40,000 just to own 1 whole bitcoin to buy bitcoin. Millions of people still don’t realize that, or much else about the cryptocurrency. When they do, some have speculated Bitcoin will rise even higher.
Bitcoin has come a long way since it was a fringe thing that few knew about. Today, machines selling Bitcoin are casually available in grocery stores.
But beware!
Bitcoin has a history of rapid falls along with rapid growth. It’s a bumpy ride, so don’t invest unless you’re ready for volatility.
Bitcoin investor John McAfee once said he would eat his own dick if Bitcoin was not worth a million dollars a coin by the end of 2020. He was wrong, but that’s how high some feel the future is for this coin.
For those considering investing in Bitcoin, beware of the volatility! Bitcoin can jump to record highs, and then suddenly lose half it’s value before climbing again. That’s why the famous phrase with Bitcoin is HODL - hold on for dear life!
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