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

Tech News

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. The price of Bitcoin has soared over the past months. (AP Photo/Charles Krupa)

May 04 2021 05:30 pm

SILVER SPRING, Md. (AP) — 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.

Copyright 2021 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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