Bitcoin (BTC) continues surprising everyone. The largest cryptocurrency has just reached a new all-time high of over $49,400 in some exchanges. Bitcoin is getting closer to $50,000 and this week could be plagued with good news for the virtual currency.
Bitcoin Reaches New All-Time High
Bitcoin has reached a new all-time high in the European morning after surpassing $49,400 in some exchanges. The virtual currency continues to attract investors and its price continues moving higher.
The entire crypto community is expecting the digital asset to reach new highs in the future. There are different reasons related to a possible price increase for Bitcoin in the coming days. This is related to the digital currency being adopted by large companies, including banks and other financial institutions.
Last week, Tesla announced they have invested $1.5 billion in Bitcoin. This has helped the virtual currency to reach new highs and get closer to $50,000. Moreover, the city of Miami announced that they are planning to become a crypto-friendly hub.
Mayor Francis Suarez stated they are working in order to pay employees salaries in Bitcoin, to invest city treasure in BTC and to allow residents to pay for fees and taxes with the largest virtual currency.
The COO of JP Morgan has also announced they are planning to offer Bitcoin trading to customers if there is enough client demand. This shows Bitcoin could eventually become a legitimate asset class as it is accepted by a larger number of companies from all over the world. It is worth mentioning that the CEO of JP Morgan, Jamie Dimon, called Bitcoin a fraud.
In the last years, banks have decided to remain far from the digital currency. In general, they have been reluctant to even offer services to crypto-related firms. Nevertheless, things seem to be changing right now.
BlackRock, the largest asset manager in the world, has also decided to add Bitcoin futures through two different crypto funds. Thus, the company is already offering clients exposure to the most valuable virtual currency in the world.
Bitcoin’s market cap is over $900 billion and other virtual currencies are also registering gains in recent hours. Litecoin (LTC), for example, has surged by over 11% in the last 24 hours. Several investors are also bullish about LTC and how the digital currency could eventually reach new highs in the coming months.