Bitcoin hit a record high above $62,000 on Tuesday as the cryptocurrency exchange Coinbase prepares to launch shares on Wall Street.
Bitcoin reached $62,377, a huge gain of 114 per cent since the start of the year.
After crashing in 2018, the value of bitcoin rebounded and it has set records since late last year — rocketing from around $12,000 in October to more than $60,000 a month ago.
The arrival Wednesday of cryptocurrency exchange Coinbase on the Nasdaq is one of Wall Street’s most anticipated events of the year even though some question whether the cryptocurrency market is sustainable.
Estimates of Coinbase’s value vary depending on how it is calculated, but its capitalisation is expected to range from $70 to $100 billion.
That would make it the largest initial public offer (IPO) for a US company since Facebook in 2012.
Founded in 2012, the platform allows users to buy and sell about 50 cryptocurrencies. The cryptocurrency market has grown exponentially in 2021 and is now worth a staggering $2.0 trillion as it increasingly attracts interest from big names on Wall Street.
While anybody can “mine” for new bitcoins, to do so requires giant data centres, which has led to platforms such as Coinbase providing a way of trading in cryptocurrencies.
Banks and payment services such as Paypal allow transactions in certain digital currencies.
Despite 12-year-old bitcoin’s volatility and limitations as a means of payment, it is seen as a store of value to rival and perhaps one day surpass gold as a haven investment in the face of high inflation for example.
Electric car giant Tesla has invested $1.5 billion in bitcoin and in March began accepting the currency as payment.
Tesla’s multi-billionaire Chief Executive Elon Musk has also used social media to espouse the merits of cryptocurrencies, helping to lift interest and prices.
YOU SHOULD NOT MISS THESE HEADLINES FROM NIGERIAN TRIBUNE
We Have Not Had Water Supply In Months ― Abeokuta Residents
In spite of the huge investment in the water sector by the government and international organisations, water scarcity has grown to become a perennial nightmare for residents of Abeokuta, the Ogun State capital…
Bitcoin hits record high ; Bitcoin hits record high ; Bitcoin hits record high ; Bitcoin hits record high.
The outbreak of cholera in the troubled Bokkos Local Government Area of Plateau State has…
Former Speaker of the 8th House of Representatives, Hon Yakubu Dogara, on Monday tasked the…
The Federal Government has begun moves to initiate sweeping reforms to revitalise Nigeria’s electricity distribution…
Despite Alexander’s release, Israel has not resumed humanitarian aid.
The Southeast Development Commission (SEDC) has stated that it has not obtained a ₦25 billion…
Lagos State Government on Monday said it plans to convert over N3 trillion idle assets…
This website uses cookies.