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Feb 17, 2021
SILVER SPRING, Md. (AP) The seemingly unstoppable rise of Bitcoin continued Tuesday with the cost of a single unit of the digital currency rising above $50,000 for the first time.
The price of Bitcoin has risen almost 200% in the last three months and its volatility was on display Tuesday. After rising above $50,600, it fell back to $48,674 at 2:15 p.m. ET. At that price, with about 18.6 million Bitcoins in circulation, Bitcoin has a market value of nearly $907 billion.
Bitcoin is rallying as more companies signal the digital currency could eventually gain widespread acceptance as a means of payment. The vast majority of those who have acquired Bitcoin have treated it as a commodity, like gold, with few places accepting it in exchange for goods or services.
AP Business Writer
SILVER SPRING, Md. The seemingly unstoppable rise of Bitcoin continued Tuesday with the cost of a single unit of the digital currency rising above $50,000 for the first time.
The same Bitcoin just one year ago would have cost you $10,000. The price is up almost 200% in the last three months alone.
Bitcoin is rallying as more companies signal the volatile digital currency could eventually gain widespread acceptance as a means of payment. The vast majority of those who have acquired Bitcoin have treated it as a commodity, like gold, with few places accepting it in exchange for goods or services.
Cost of a single Bitcoin exceeds US$50,000 for first time
16 Feb, 2021 10:12 PM
5 minutes to read
Tesla CEO Elon Musk. Tesla last week announced it would soon be accepting Bitcoin as payment for its cars. Photo / AP
AP
By: Matt Ott
The seemingly unstoppable rise of Bitcoin continued today with the cost of a single unit of the digital currency rising above US$50,000 ($69,388) for the first time.
The price of Bitcoin has risen almost 200 per cent in the past three months and its volatility was on display Tuesday (Wednesday NZT).
After rising above US$50,600, it fell back to US$48,674 at 2.15pm ET. At that price, with about 18.6 million Bitcoins in circulation, Bitcoin has a market value of nearly US$907 billion.
The seemingly unstoppable rise of Bitcoin continued Tuesday with the cost of a single unit of the digital currency rising above $50,000 for the first time.