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Bitcoin surpasses $60,000 for the first time

Bitcoin briefly exceeded US$60,000 (approximately Rs 4.37 million) on Saturday for the first time due to increased support from corporate heavyweights, helping the world’s most popular virtual currency continue to run record-breaking.

According to data from the website CoinMarketCap, the cryptocurrency hit a record high of $60,012 at 1149 GMT.

Bitcoin has been growing rapidly since March last year, when online payment giant PayPal stated that it would allow account holders to use cryptocurrency at a price of $5,000.

Last month, Elon Musk’s electric car maker Tesla invested $1.5 billion in the virtual unit, and Twitter CEO Jack Dorsey and rap Singer Jay-Z stated that they are establishing a fund aimed at making Bitcoin an “Internet currency”.

Others who jumped into the trend include Wall Street player BNY Mellon, investment fund giant BlackRock and credit card giant Mastercard.

Bitcoin, launched in 2009, made headlines in 2017 after soaring from less than $1,000 in January to nearly $20,000 in December of the same year.

In the following days, the virtual bubble burst, and the price of Bitcoin fluctuated sharply before falling below $5,000 in October 2018.

However, last year’s gains were more stable, and investors and Wall Street financial giants welcomed the dizzying growth, opportunities for profit and asset diversification, and safe storage of value that can withstand inflation.

Bitcoin is traded through a decentralized registration system called blockchain.

The system requires powerful computer processing capabilities to manage and implement transactions.

This power is provided by “miners”, and they hope that by doing so, they will receive new bitcoins for verifying transaction data.

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