The cryptocurrency’s record climb comes as many large-asset management companies have begun recommending the asset, pulling bitcoin further into the financial mainstream. Its total market value exceeds $920 billion.
While the previous cryptocurrency rally was dismissed by many professional investors and financial institutions, bitcoin’s latest ascent arrives alongside increasing interest from Wall Street. Just this month, several prominent businesses announced significant bitcoin purchases or plans to accept the cryptocurrency as a form of payment.
Mastercard has said it would support bitcoin and other cryptocurrencies on its payment network later this year. And Tesla, the electric carmaker founded by Elon Musk, said it had purchased $1.5 billion worth of bitcoin and plans to accept the digital currency as payment “in the near future.”
Dan Ives, managing director of equity research at Wedbush Securities, called Tesla’s bitcoin investment a potentially “game-changing move,” as other corporations consider following Tesla’s lead and weigh the risks of potentially missing out on the asset’s swelling value.
Other big names that accept the cryptocurrency worldwide include Microsoft, Wikipedia and PayPal.
