Cryptocurrency bitcoin traded just shy of the new record high of $52,640, after sharply rising roughly 58 per cent in the month of February. The rally has prompted some analysts to warn that the bitcoin might be unsustainable. The world’s biggest cryptocurrency took a big stride towards mainstream acceptance after Tesla Inc announced a $1.5 billion investment, and corporate majors such as Mastercard, BNY Mellon, PayPal embraced the cryptocurrency. Bitcoin has a market capitalisation of over $900 billion, and was last up 1.25 per cent at $ 51,791.
”Bitcoin is experiencing meteoric rise because reputed institutions like Tesla, Mastercard and BNY Mellon are inducting crypto assets into their business operations. We remain optimistic that institutional and retail investors will continue to invest in digital assets for long term wealth creation. The fast and organic growth offered by digital assets is unmatched by any other asset class, fact which is backed by strong public data,” said Shivam Thakral, CEO, BuyUcoin.
”The recent development around Bitcoin testifies the fact that world is ready to make digital assets mainstream. India, the fifth largest economy in the world, should leverage this trillion dollar opportunity and enable its citizens to benefit from the exponential growth offered by digital assets,” he added.