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Bitcoin Hits $60,000 New Record, First Time to Surge Past The Amount

by Jay Ahon / Mar 15, 2021 05:11 AM EDT
A photo illustration of the Bitcoin currency.

A digital currency, Bitcoin, spikes to $60,000 (£43,100) this month, the first time that the cryptocurrency has reached the said value since its creation in 2009.

Some analysts said that the recent spike in its value was also caused by the huge stimulus package in the United States, which was approved by its government earlier this week.

The coronavirus pandemic has also been said to play its part in Bitcoin's hike in value as more people have been using online transactions for shopping, bill payment, and others.

Bitcoin's total market value has long been increasing, which has exceeded $1tn last month. The said cryptocurrency had also more than tripled in its value since last year as it was powered by many well-known companies that adopted this digital currency as their payment method.

In February, Elon Musk had announced that his company Tesla, an electric carmaker, had bought $1.5bn worth of Bitcoin and further discussed the possibility that the company would be accepting payment through this cryptocurrency in the future.

Mastercard, a global transaction processor for bank card payment, is also looking into the possibility of accepting certain cryptocurrencies as a form of payment for their customers.

However, amidst its seen continuous success, many critics argue that bitcoin is more of a speculative trading tool and less of a currency that is very open to manipulation to the market, which has no intrinsic value. Unlike physical assets and a company or bond, cryptocurrencies are extremely unpredictable and can crash as fast as they rise.

Bitcoin's track record includes wild price swings and has been falling sharply many times since its creation.

Concerns over its negative impact on the environment are also seen as a disadvantage as huge amounts of energy are needed to create transactions. Bitcoin, as well as other cryptocurrencies, are computer-generated, and part of its value has come from the finite number that can be computed.

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