A historic bitcoin reaches $ 50,000 and begins to convince the giants of the financial industry
Something seemed to click when PayPal announced that it would start offering trading in cryptocurrencies like bitcoin. It is as if an unstoppable domino had been activated that has made us talk about something unthinkable a year ago today: one bitcoin is already worth $ 50,000.
Behind that spectacular milestone is an overwhelming reality: that of a financial and business industry that first condemned this cryptocurrency and now seems to have assumed that maybe bitcoin is part of the future of world finance, even as a store of value.
From PayPal to Mastercard (through Tesla) and I shoot because I have to
Mid March 2016 bitcoin hit rock bottom. It was under $ 5,000 infected – like almost everything else – by a pandemic that paralyzed the world.
From that moment, however, it began to grow in value, and in October 2020 that singular decisive moment: PayPal’s support for bitcoin and other cryptocurrencies was a strong accolade for these virtual currencies.
From that moment the value of a bitcoin began to rise like foam, and in recent weeks we have seen two equally notable supports. First, Tesla’s, who has invested 1.5 billion dollars in bitcoin —And for now it has turned out very well-, and the second, Mastercard, which has announced which will also offer support for these cryptocurrencies.
Those big announcements have made a lot of noise among the public on foot, but behind them are many other notable movements that are taking place even in a financial industry what for years he reneged on bitcoin and other cryptocurrencies.
However, bitcoin is now increasingly viewed as an interesting safe haven value, a modern substitute for gold, and that has made several entities that have made movements now to support the cryptocurrency.
Those supports are coming everywhere: BBVA will invest in Coinbase and will allow your customers carry out cryptocurrency trading soon, and now the same has announced the Bank of New York Mellon Corp., the oldest in the United States.
The support in institutions does not stop, and there are equally significant cases where cryptocurrencies have an even more striking future: the Central Bank of Kenya advertised also these days that will use bitcoin as a store of value.
We are therefore before an apparent turning point that fuels that vicious circle that has caused the spectacular rise in the value of bitcoin.
The volatility is still there of course – the Bank of Spain I warned you recently– and it would not be strange if this rise was accompanied by an equally spectacular fall sooner rather than later, but these institutional supports certainly make many are seeing bitcoin now with different eyes.
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