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Bitcoin Value Passes $50,000 Mark For The First Time Ever

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Bitcoin Value Passes $50,000 Mark For The First Time Ever

Bitcoin's value has surged past $50,000 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 among more mainstream financial institutions flocking to the new kid on the block.

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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, even while its price 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."

Featured Image Credit: PA

Topics: Bitcoin, World News, Money, Interesting, Cryptocurrency, Technology

Tom Wood
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