Business

Bitcoin, seemingly omnipresent, crosses the $50,000 mark

Posted February 16, 2021 8:11 a.m. EST
Updated February 16, 2021 8:12 a.m. EST

The Bitcoin logo appears on the display screen of a crypto currency ATM at the Smoker's Choice store, Tuesday, Feb. 9, 2021, in Salem, N.H. After a wild week in which Bitcoin soared to new heights, Bitcoin is crossing the $50,000 mark. Bitcoin rallied last week as more companies signaled the volatile digital currency could eventually gain widespread acceptance as a means of payment for goods and services. (AP Photo/Charles Krupa)

— After a wild week in which Bitcoin soared to new heights, Bitcoin crossed the $50,000 mark early Tuesday.

Bitcoin rallied throughout the as more companies signaled the volatile digital currency could eventually gain widespread acceptance as a means of payment for goods and services. Bitcoin has been mostly seen as a store of value, like gold, with very few places to spend it.

Then, last Monday, Elon Musk’s electric car company, Tesla, said it had bought $1.5 billion of Bitcoin as part of a new investment strategy and would soon be accepting it as form of payment for its high-end cars.

It remains unclear how many major companies will follow Tesla’s lead. Analysts predict a slow evolution toward widespread usage of bitcoins to pay for goods and services.

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