Bitcoin Breaks $50,000 Ceiling

ChonBuri ,thailand - Dec 18,2017: close up of Digital money.
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Bitcoin hit $50,000 for the first time earlier this morning, continuing its meteoric ascent, and was hovering around $48,000 at midday.

See: Morgan Stanley May Bet on Bitcoin as It Nears $50,000 in Value
Find: Banks Might Treat Bitcoin Like ‘Real Money’ – These Experts Weigh the Pros and Cons

“The $50,000 level is an ’emotional level for people in the space,'” Brian Melville, head of strategy at the trading firm Cumberland, told The Wall Street Journal. But it is also a simple result of supply and demand, he said.

Per Satoshi Nakamoto, which is likely a pseudonym for Bitcoin’s inventor or group of inventors, the total number available of Bitcoins is limited to 21 million, which should be reached in 2140.

See: Economy Explained – How Does Cryptocurrency Work – and Is It Safe?
Find: Tesla Buys $1.5 Billion in Bitcoin, Says It Will “Soon” Accept It as Form of Payment

Earlier this month, Elon Musk said Tesla had bought $1.5 billion Bitcoin and that it would soon accept the cryptocurrency as a form of payment.

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“The prices of digital assets have been in the past and may continue to be highly volatile, including as a result of various associated risks and uncertainties. For example, the prevalence of such assets is a relatively recent trend, and their long-term adoption by investors, consumers and businesses is unpredictable,” Tesla said in the Securities and Exchange Commission filing.

A report from Copper.co notes that Bitcoin kicked off 2020 at just over $7,000. “Even a global pandemic couldn’t suppress prices for too long,” the report says.

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About the Author

Yaël Bizouati-Kennedy is a former full-time financial journalist and has written for several publications, including Dow Jones, The Financial Times Group, Bloomberg and Business Insider. She also worked as a vice president/senior content writer for major NYC-based financial companies, including New York Life and MSCI. Yaël is now freelancing and most recently, she co-authored  the book “Blockchain for Medical Research: Accelerating Trust in Healthcare,” with Dr. Sean Manion. (CRC Press, April 2020) She holds two master’s degrees, including one in Journalism from New York University and one in Russian Studies from Université Toulouse-Jean Jaurès, France.

Bitcoin Breaks $50,000 Ceiling
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