Today Bitcoin crossed the $60,000 mark for the first time in its history. Growth was being contributed to the US stimulus plan and recent investments from many high-profile companies like Elon Musk’s Tesla and MicroStrategy.
As more and more major financial players and investors view Bitcoin’s legitimacy as certain, many believe it could reach $100,000 by the end of the year, and some estimate an even higher price of $250,000.
Bitcoin passed the $50,000 barrier just last month and has tripled in value over the last three months.
It was worth around $20,000 in December.
In addition to investment funds and companies like the American automaker Tesla, which invested $1.5 billion in cryptocurrency, many individuals are buying fractions of Bitcoin.
Some of the $1,400 stimulus checks are very likely used by small investors to put part of their funds in Bitcoin and other cryptocurrencies, and that will probably continue to push up the price.
JPMorgan has recently unveiled a new investment product with indirect exposure to bitcoin and other cryptocurrencies, while names like PayPal and Visa earlier began offering crypto services. Tech giant Nvidia has even created a new chip especially for use in cryptocurrency.
