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Bitcoin Breaks $50,000 Ceiling

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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.

“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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