Cost of a single Bitcoin exceeds $50,000 for first time – The Associated Press

Cost of a single Bitcoin exceeds $50,000 for first time – The Associated Press

SILVER SPRING, Md. (AP) — The seemingly unstoppable rise of Bitcoin continued Tuesday with the cost of a single unit of the digital currency rising above $50,000 for the first time.

The price of Bitcoin has risen almost 200% in the last three months and its volatility was on display Tuesday. After rising above $50,600, it fell back to $48,674 at 2:15 p.m. ET. At that price, with about 18.6 million Bitcoins in circulation, Bitcoin has a market value of nearly $907 billion.

Bitcoin is rallying as more companies signal the digital currency could eventually gain widespread acceptance as a means of payment. The vast majority of those who have acquired Bitcoin have treated it as a commodity, like gold, with few places accepting it in exchange for goods or services.

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Companies have been leery because of Bitcoin’s volatility and its use by parties who want to avoid the traditional banking system for a myriad of reasons.

Last week, however, the electric car company Tesla sent a tremor through the digital currency markets, saying that it was buying $1.5 billion in Bitcoin as part of a new investment strategy, and that it would soon be accepting Bitcoin as payment for its cars.

BNY Mellon, the oldest bank in the U.S., followed a day later, saying it would include digital currencies in the services it provides to clients. Mastercard said it would start supporting “select crypto currencies” on its network.
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