Photographer: Akos Stiller/Bloomberg

Signs of a widening embrace across the financial services industry sent Bitcoin to new heights, with the cryptocurrency closing in on $50,000 for the first time.

A week after Tesla announced its $1.5 billion investment in Bitcoin, the digital asset has kept making inroads into traditional finance, with the latest being news that an investment unit of Morgan Stanley is considering whether to bet on Bitcoin.

And there’s evidence that more companies are beginning to add services for cryptocurrencies — an asset class that is still lightly regulated and controversial among policymakers. On Thursday, BNY Mellon said it’s formed a new team that’s developing a custody and administration platform for traditional and digital assets. Mastercard Inc. has also said it will begin allowing cardholders to transact in certain cryptocurrencies on its network.

The combination of luminaries like billionaire Elon Musk and powerhouse banks is adding fresh ammunition to Bitcoin’s meteoric gains. In February alone, prices are up some 40% and were last hovering near $48,000.

Bitcoin record-breaking gains have put it on a path to $50,000

Bitcoin Is Red Hot. Can It Ever Be Green?: QuickTake

“The key for Bitcoin’s path higher is to win over more corporate endorsements,” Edward Moya, senior market analyst at Oanda Corp. “Bitcoin is no stranger to massive weekend moves and the next several days could easily see some wild swings.”

(Excerpt) Read more Here | 2021-02-14 12:07:00
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