Bitcoin Skyrockets to $51,000 Following Massive Currency Buys

Bitcoin’s value hits another milestone, rising to $51,000 and jumping more than 3% as more companies purchase the popular cryptocurrency.

Ethereum saw similar gains yesterday, rising to $1825.68 (+2.47%), with other cryptocurrencies seeing similar gains of around 3 to 4 percent. Dogecoin saw modest gains yesterday, up to nearly 6 cents (+0.37%). 

Trading trends for all cryptocurrencies are up across the board this morning, with investors urging consumers to buy crypto.

This follows massive buys of Bitcoin from car manufacturer Tesla, as well as moves from Mastercard and the Bank of New York Mellon to add Bitcoin as a tradeable currency for consumers. Other companies have jumped onto the bandwagon, with MicroStrategy Inc. (MSTR) issuing $600 million in debt to purchase more Bitcoin on Tuesday.

The unimpeded rise of Bitcoin has caused some investors to worry, and has potentially signaled that regulators will shift their focus to Bitcoin in the coming months. The current landscape paints Bitcoin as a fixed asset, when in reality more Bitcoin can be made should the market demand it. 

Other investors worry about how Bitcoin’s rapid climb will taper off as it becomes more like a currency.  Gold has only seen an annual gain of 3% in the past 160 years, unlike Bitcoin which has increased to nearly 4 times its starting value at the beginning of 2020.

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