Bitcoin is now a ‘Trillion Dollar Economy’. If Bitcoin were considered a country, it would rank among the top 20 countries by GDP. The price of Bitcoin crossed another major milestone on Friday, February 19, 2021, as the cryptocurrency’s market value surpassed $1 trillion.
The price of Bitcoin reached a record high of $55,394 around 11:09 a.m. (GMT-8) on Feb 19, 2021, according to data from CoinMarketCap. It is currently trading 5.9% higher at $54,951, with a 24-hour trading volume of $59 billion.
Recent developments driving the Bitcoin price
Here are the recent developments driving the Bitcoin price to all-time high:
- JPMorgan’s Global Markets Strategy team recently released a report covering Bitcoin which shows that institutional investors are moving from Gold ETFs to Bitcoin.
- Major investment banks planning to foray into crypto asset class.
- JPMorgan said recently it’s looking seriously at the asset class, and Goldman Sachs has also shown an interest in crypto. A division of Morgan Stanley is reportedly considering adding bitcoin to its list of possible bets. Deutsche Bank is likely to launch its Digital Asset Custody and Prime Brokerage Service for Institutional Clients this year.
- Companies like PayPal and Mastercard have made significant moves to incorporate cryptocurrencies.
- Tesla last week announced it had invested $1.5 billion into bitcoin and planned to accept the digital currency as payment for its products.
- Major public firms across the globe are now evaluating bitcoin investments after Telsla $1.5 Billion investment in Bitcoin.
The massive boom in Bitcoin and other cryptos is now enticing more new retail investors to invest and trade in digital assets. Consequently, crypto exchanges are experiencing a record surge in user signups.
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