Bitcoin surges to record high of nearly $50,000 after support from major corporations

Bitcoin sees price surge following Elon Musk endorsement

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On Sunday afternoon, the world’s preeminent cryptocurrency was priced at $49,716 (£35,720) per coin. The digital currency’s current bull-run is driven by major corporations like Tesla, Mastercard, and BNY Mellon investing and supporting bitcoin. It is thought that other Fortune 500 companies, such as Apple and Oracle, will be next in adding the cryptocurrency to their balance sheets.

The fact that bitcoin rose to nearly $50,000 (£35,924) per coin was predicted by bitcoin pioneer Max Keiser who forecasted this new all-time-high last week.

Mr Keiser tweeted: “Bitcoin price, adjusted for stalled buy-orders stacked up at exchanges, is above $50,000 (£35924) right now.”

The digital asset fell 2.4 percent on Monday.

In the last 24 hours, the price has held at around $47,925 (£34,433).

The current bullish sentiment for the digital currency has increased demand.

Now institutional investors are beginning to perceive bitcoin as a store of value similar to gold.

More to follow…

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