{"id":112823,"date":"2021-02-14T22:47:35","date_gmt":"2021-02-14T22:47:35","guid":{"rendered":"https:\/\/precoinnews.com\/?p=112823"},"modified":"2021-02-14T22:47:35","modified_gmt":"2021-02-14T22:47:35","slug":"bitcoin-approaches-50000-wider-adoption-fuels-record-rally","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/world-news\/bitcoin-approaches-50000-wider-adoption-fuels-record-rally\/","title":{"rendered":"Bitcoin approaches $50,000, wider adoption fuels record rally"},"content":{"rendered":"<h2>Bitcoin hits all-time high of $49,714 on Sunday days after Elon Musk&#8217;s Tesla said it would accept cryptocurrency as payment<\/h2>\n<ul>\n<li><strong>Bitcoin trading approached $50,000 on Sunday as cryptocurrency hit new high\u00a0<\/strong><\/li>\n<li><strong>At one point, bitcoin was worth $49,714 after surging by more than 3 per cent\u00a0<\/strong><\/li>\n<li><strong>Currency once shunned by mainstream gaining acceptance in finance industry\u00a0<\/strong><\/li>\n<li><strong>Elon Musk&#8217;s Tesla revealed it had bought $1.5billion worth of the cryptocurrency<\/strong><\/li>\n<li><strong>Tesla also said that it would soon accept bitcoin as a form of payment for its cars\u00a0<\/strong><\/li>\n<li><strong>Uber said earlier this week firm would consider accepting bitcoin as payment\u00a0<\/strong><\/li>\n<\/ul>\n<p>Bitcoin hit a new record high and approached $50,000 on Sunday, building on its record rally as Wall Street and Main Street increasingly adopt the world&#8217;s biggest cryptocurrency.<\/p>\n<p>Bitcoin recently stood at $48,700 on Sunday morning, up more than 3 per cent.\u00a0<\/p>\n<p>It had traded as high as $49,714 earlier in the day. The cryptocurrency is up almost 70 per cent year to date.<\/p>\n<p>After long being shunned by traditional financial firms, bitcoin and other virtual currencies appear to be increasingly entering the mainstream as an asset and routine payment vehicle.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/i.dailymail.co.uk\/1s\/2021\/02\/14\/20\/39284398-9259551-image-a-29_1613333073598.jpg\" height=\"357\" width=\"634\"><\/p>\n<p>Bitcoin hit a new record high on Sunday as the cryptocurrency continues to gain more mainstream acceptance in the world of finance<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/i.dailymail.co.uk\/1s\/2021\/02\/14\/20\/39284388-9259551-image-a-30_1613333087321.jpg\" height=\"498\" width=\"634\"><\/p>\n<p>Bitcoin recently stood at $48,700 on Sunday morning, up more than 3 per cent. It had traded as high as $49,714 earlier in the day. The cryptocurrency is up almost 70 per cent year to date<\/p>\n<p>BNY Mellon said last week it formed a new unit to help clients hold, transfer and issue digital assets, just days after Elon Musk&#8217;s Tesla revealed it had bought $1.5billion worth of the cryptocurrency and would soon accept it as a form of payment for its cars.<\/p>\n<p>Bitcoin&#8217;s price surged 10 percent to a record-high of $44,000 soon after Tesla&#8217;s disclosure on Monday morning.\u00a0<\/p>\n<p>The announcement, which was buried deep in a SEC filing, follows several social media posts by Musk that have sent the currency and other assets, including\u00a0meme-based digital currency dogecoin, higher in recent weeks.\u00a0<\/p>\n<p>It came just days after Musk, who is a\u00a0well-known supporter of bitcoin, briefly changed the bio of his Twitter account, which has 46 million followers, to say &#8216;#bitcoin&#8217;.<\/p>\n<p>Twitter said on Wednesday it has thought about whether to hold bitcoin on its balance sheet.\u00a0<\/p>\n<p>Earlier this week, the CEO of Uber said he will consider accepting bitcoin as payment.\u00a0<\/p>\n<p>On Friday, Canada&#8217;s Ontario Securities Commission approved the launch of Purpose Bitcoin ETF, Toronto-based asset management company Purpose Investments Inc said in a statement.\u00a0<\/p>\n<p>The OSC confirmed it had cleared the launch of the world&#8217;s first bitcoin exchange-traded fund, in a separate statement to Reuters.<\/p>\n<p>&#8216;The institutional side and corporate America is showing that this movement is not going away anytime soon,&#8217; said Edward Moya, senior market strategist at OANDA.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/i.dailymail.co.uk\/1s\/2021\/02\/14\/20\/39025878-9259551-Tesla_has_invested_around_1_5_billion_in_bitcoin_and_says_it_wil-a-31_1613335136154.jpg\" height=\"411\" width=\"634\"><\/p>\n<p>Tesla has invested around $1.5 billion in bitcoin and says it will start accepting payment for its cars and other products with it in the near future<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/i.dailymail.co.uk\/1s\/2021\/02\/14\/20\/39029368-9259551-Bitcoin_s_price_surged_10_percent_to_a_record_high_of_44_000_soo-a-32_1613335284205.jpg\" height=\"384\" width=\"634\"><\/p>\n<p>Bitcoin&#8217;s price surged 10 percent to a record-high of $44,000 soon after Tesla&#8217;s disclosure on Monday <\/p>\n<p>&#8216;There&#8217;s still a raft of big money that&#8217;s going to jump onto this bandwagon.&#8217;<\/p>\n<p>Mayor Francis Suarez of Miami also said on Friday the Florida city is seeking to embrace bitcoin in its operations, a move that could bring dividends in terms of attracting technology companies.<\/p>\n<p>In January, BlackRock Inc, the world&#8217;s largest asset manager, added bitcoin as an eligible investment to two funds.<\/p>\n<p>Credit card giant Mastercard&#8217;s plans to offer support for some cryptocurrencies also boosted bitcoin&#8217;s ambitions towards mainstream finance, though many banks remain reluctant to engage with it.<\/p>\n<p>Cryptocurrency miner Riot Blockchain rose 14 per cent on Friday and hit its highest in over 10 years with a weekly gain of 110 per cent, its biggest weekly gain since 2017.\u00a0<\/p>\n<p>Digital asset tech company Marathon Patent Group showed a weekly gain of over 70 per cent.<\/p>\n<p>Source: <a href=\"https:\/\/www.dailymail.co.uk\/news\/article-9259551\/Bitcoin-approaches-50-000-wider-adoption-fuels-record-rally.html\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin hits all-time high of $49,714 on<\/p>\n","protected":false},"author":3,"featured_media":112822,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[23056],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - 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