Bitcoin surpassed the $ 50,000 mark. Cryptocurrency is the most expensive since May 15 this year.
Bitcoin was approaching the level of 50,000. throughout the weekend, we finally managed to surpass that level on Sunday evening, according to CoinDesk data.
Cryptocurrency goes up after PayPal announced that customers in the UK will be able to buy, store and sell four types of cryptocurrencies: – bitcoin, ethereum, litecoin and bitcoin cash. Only customers in the United States had such an option since last October.
Other digital currencies are also getting more expensive: ethereum by more than 3 percent, and dogecoin by almost 2 percent.
CNN has pointed out that it’s been a tumultuous several months for cryptocurrencies. Bitcoin, which reached a record level of 65,000 in April. dollars, in June fell to the level of 28.8 thousand. dollars, after China tightened restrictions on digital currencies.
Bitcoin, which varied between 30,000-40,000 for many weeks. dollars, began recovering from the collapse of the past month. In July, tech giants signaled their support for cryptocurrencies. Among other things, attention was paid to Amazon’s move to announce its recruitment to the position of manager of digital currency products and blockchain, which resulted in a sharp increase in the value of cryptocurrencies. The announcement caused a buzz around the company’s possible future involvement in the cryptocurrency market.
Bitcoin and similar currencies also received a positive boost last month thanks to statements from, among others Twitter CEO Jack Dorsey. He concluded that bitcoin could be an essential part of Twitter in the future. In turn, Elon Musk admitted that Tesla is considering returning to accepting payments in bitcoinanch.
Bitcoin – doubts
Cryptocurrencies are popular because of their relative anonymity and fluctuations in value, which create opportunities for greater profits than by investing in traditional global exchanges.
However, the volatility of bitcoin and its unclear legal status raise doubts as to whether it could actually replace traditional currencies in everyday transactions one day.
A few months ago Paweł Borys, the president of the Polish Development Fund, warned against investing in bitcoin. He stated that you have to be careful not to invest a significant part of your savings. He also referred to tulipomania, which is known as the oldest stock market bubble – it took place in the 17th century.
The Polish Financial Supervision Authority also warned against investing in cryptocurrencies. The Polish Financial Supervision Authority pointed out that they are associated with a high risk and the market itself is unregulated. It means that there are no detailed and systemic solutions ensuring the safety of investors who operate on it. The Office also indicated that the cryptocurrency and crypto-assets market is characterized by high volatility.
Main photo source: Shutterstock