Written by Norman Isaac Mwambazi

Bitcoin breaks $50,000 for the first time

Bitcoin (BTC-USD) broke past the $50,000 level on Tuesday morning as the cryptocurrency continues its stunning rally. The cryptocurrency traded …

Bitcoin (BTC-USD) broke past the $50,000 level on Tuesday morning as the cryptocurrency continues its stunning rally.

The cryptocurrency traded as high as $50,645 on Tuesday, before slipping back below $50,000. Bitcoin has surged more than 71% since the beginning of the year.

Last week, Bitcoin surged after automaker Tesla revealed it bought $1.5 billion worth of the digital currency and that it plans to start accepting Bitcoin as payment in the “near future.”

Speaking about Bitcoin on the popular voice chat app Clubhouse, Tesla Chief Executive Officer (CEO) Elon Musk said:

“I do think at this point Bitcoin is a good thing. And, so, I am a supporter of Bitcoin. Like I said, I was late to the party, but I am a supporter of Bitcoin. And I think Bitcoin is really on the verge of getting broad acceptance by conventional finance people.”

According to Yahoo Finance, MicroStrategy CEO Michael Saylor said that he sees an “avalanche” of corporations that will embrace the cryptocurrency. Earlier this month, MicroStrategy hosted a virtual conference where Saylor shared his bitcoin corporate playbook and strategy with executives from more than 1,000 companies.

It should be noted that MicroStrategy, a business intelligence software company, was the first publicly-traded company to add Bitcoin to its balance sheet.  

Bitcoin has become so attractive that other big companies and more institutional investor names have entered the space. These include SkyBridge Capital’s Anthony Scaramucci. In January this year, SkyBridge launched its Bitcoin Fund L.P.

SkyBridge provides a conduit for the mass affluent and Registered Investment Advisors (RIAs) to invest in the hard-to-reach asset class of hedge funds,

Scaramucci predicted that Bitcoin could “easily trade” at $100,000 per coin in the next 12 months and with the pace at which the cryptocurrency is rising, we could say that this milestone is truly within reach.

In December last year, legendary global macro trader Paul Tudor Jones said that Bitcoin is on a “crazy rocket ship ride” and that it will be “substantially higher” in 20 years. This was before it even reached $30,000

Last week, payment services provider MasterCard said in a blog post that it was preparing to bring cryptocurrencies to its network, while BNY Mellon announced it would launch a Digital Assets unit to provide custody and administration to service the “growing client demand for digital assets,” making it the first global bank to announce such a service.

Here are some of the companies and individuals who own Bitcoin:

Funds Holding Bitcoin

  • Grayscale
  • CoinShares
  • 3iQ
  • ETC Group
  • 21Shares

Public Companies Holding Bitcoin

  • MicroStrategy
  • Tesla
  • Galaxy Digital Holdings
  • Square
  • Hut 8 Mining
  • Riot Blockchain

Private Companies Holding Bitcoin

  • Block.One
  • Tezos Foundation
  • Stone Ridge Holdings
  • Governments Holding Bitcoin
  • US Government
  • Ontario Government

People Holding Bitcoin

  • Tim Draper
  • Michael Saylor
  • Elon Musk

Others Holding Bitcoin

  • Wrapped BTC

Breaking down the reasons that Bitcoin’s price keeps rising

As I mentioned earlier, Bitcoin surpassed its all-time high, shooting all up to $50,000 earlier today, Tuesday, February 16, 2021, before going slightly lower to its current price of $48,734.20.

Bitcoin, which was once considered a fraud by many in its early years, has grown into a viable investment where famous billionaire investors, large institutions, and retail investors alike have picked a lot of interest.

Many people are currently wondering why that is the case, so I have broken down for you some of the key factors behind Bitcoin’s rapid appreciation.

READ THEM HERE.

Now that Tesla bought over $1.5 billion worth of Bitcoin before it reached $50,000 and now it has surpassed that mark, could we see big tech companies jumping into the cryptocurrency game and buy Bitcoin too? For example, could Apple Inc. do so in the near future? And if it does, what would that mean to Bitcoin? FIND OUT HERE.