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| Bitcoin rockets past $51,000 to reach new all-time high | Bitcoin rockets past $51,000 to reach new all-time high |
| (25 days later) | |
| The world’s most valuable cryptocurrency, bitcoin, continued its rally on Wednesday, soaring above the $51,000 mark. Tuesday had seen it hit $50,000 for the first time ever. | The world’s most valuable cryptocurrency, bitcoin, continued its rally on Wednesday, soaring above the $51,000 mark. Tuesday had seen it hit $50,000 for the first time ever. |
| The crypto coin reached a new record price of $51,715 at around 9:50 GMT, according to data from Coin Metrics. It is currently trading over five percent higher than on Tuesday. | The crypto coin reached a new record price of $51,715 at around 9:50 GMT, according to data from Coin Metrics. It is currently trading over five percent higher than on Tuesday. |
| “$50,000 #Bitcoin is the new normal,” Blockstream CSO Samson Mow said on Wednesday. | “$50,000 #Bitcoin is the new normal,” Blockstream CSO Samson Mow said on Wednesday. |
| He was echoed by popular Twitter account Documenting Bitcoin, which said that “If you think $50,000 a bitcoin is expensive, wait until you hear that the government is about to print $1,900,000,000,000 out of thin air.” | He was echoed by popular Twitter account Documenting Bitcoin, which said that “If you think $50,000 a bitcoin is expensive, wait until you hear that the government is about to print $1,900,000,000,000 out of thin air.” |
| Bitcoin’s proponents attribute its growth to increased demand from institutional investors, as well as corporate buying of the digital currency from companies like Tesla, Square, and MicroStrategy. | Bitcoin’s proponents attribute its growth to increased demand from institutional investors, as well as corporate buying of the digital currency from companies like Tesla, Square, and MicroStrategy. |
| However, crypto-skeptics, such as precious metals buff Peter Schiff, are pointing out that bitcoin may be the biggest bubble in financial markets. | However, crypto-skeptics, such as precious metals buff Peter Schiff, are pointing out that bitcoin may be the biggest bubble in financial markets. |
| JPMorgan strategists said in a note on Tuesday that, unless bitcoin’s volatility starts to ebb, its current price “looks unsustainable.” | JPMorgan strategists said in a note on Tuesday that, unless bitcoin’s volatility starts to ebb, its current price “looks unsustainable.” |
| For more stories on economy & finance visit RT's business section | For more stories on economy & finance visit RT's business section |