Amid the huge surge in bitcoin, some analysts have warned that the surge may be erratic. (Cipher photo)
Bitcoin touched a record level of $ 58,354.14 a week ago amid increasing confidence in mainstream investment and the possibility of becoming a payment vehicle.
- Last Updated:February 28, 2021 10:16 PM IS
Bitcoin price jumped by 70 percent this year
It has gone up by 70 percent since the beginning of the year. It touched a record high of $ 58,354.14 a week ago amid increasing confidence in mainstream investment and the possibility of becoming a payment vehicle. About a year ago, the cost of a unit of this was 10 thousand dollars.
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Recently, Tesla, an American company that manufactures electric cars, invested in cryptocurrency Bitcoin, so the flight was not taking the name of stoppage. Several companies, including Tesla, have approved Bitcoin as a digital currency. Apart from Tesla, giant insurance company Mass-Mutual, asset manager Galaxy Digital Holding, Twitter CEO Jack Dorsey’s payment company Squire have also made a big investment in Bitcoin, causing its prices to skyrocket.
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Blue Ridge Bank of Sherlovilla to provide bitcoin access
Tesla said last week that the company is buying $ 1.5 billion in bitcoin as an investment strategy. Also said that the company is soon working on a plan to quickly approve the payment through bitcoin on the purchase of its products. This led to a sharp jump in bitcoin. Subsequently, Blue Ridge Bank of Sherlovilla in Virginia said that it would become the first commercial bank to provide access to bitcoin at its branches.