Bitcoin has surged past $50,000 in value for the first time ever in its history.
The world’s largest cryptocurrency has been heading on an upward curve – broadly, at least – for some time now, and this milestone sees it reach yet another all-time high.
To throw that into context, just one year ago the price of Bitcoin stood at $9,500, then $11,800 six months ago, $17,000 three months ago, and now it has reached $50,000.
It’s certainly a remarkable rise, and potentially indicative of a wider trend amongst more mainstream financial institutions flocking to the new kid on the block.
Bitcoin’s advances over the past year alone dwarfs the returns from more traditional markets such as gold, commodities, and stocks.
This latest spike in value comes just after Tesla Inc. – owned by billionaire Elon Musk – disclosed a $1.5 billion purchase in the cryptocurrency.
However, the debate about whether Bitcoin has any value whatsoever continues to rumble on in the background, whilst all the while the value grows.
Mike McGlone, a commodity strategist for Bloomberg Intelligence, said that a value of $100,000 may be a longer term target for Bitcoin, adding: “Bitcoin volatility is likely to continue rising in the near term and remain elevated until it settles in around its next plateau.”