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February 25, 2021

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Bitcoin hits new all-time high above $50,000

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The price of Bitcoin, the world’s most popular cryptocurrency, rose by 9.62 per cent in the last seven days to set a new all-time high record Wednesday.

The currency exchanged for $51,504.49 at 12.39 PM Nigerian time, data from coinmarketcap.com showed.

The currency has benefitted from high-profile support and endorsements in the past weeks.

The electric car maker, Tesla, said last week it bought bitcoin worth $1.5 billion.

The company, owned by the world’s richest man, Elon Musk, also disclosed that it would start accepting payments in bitcoin for its products.

Also, Mastercard said it would begin to offer support for cryptocurrencies on its network this year.

It said it has already offered customer cards that allow people to transact using their cryptocurrencies, although without going through its network.

ALSO READ: Cryptocurrency: How CBN policy will affect Bitcoin investors in Nigeria

“Doing this work will create a lot more possibilities for shoppers and merchants, allowing them to transact in an entirely new form of payment. This change may open merchants up to new customers who are already flocking to digital assets,” Mastercard said.

The Central Bank of Nigeria last week placed a bank on all cryptocurrency transactions, ordering banks for shut related accounts.

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