Bitcoin has been backed in recent months by recommendations from Paul Tudor Jones and Stan Druckenmiller, among others.
Bitcoin hit a new all-time high on Sunday, topping above USD 49,000 for the first time.
The world’s largest cryptocurrency reached around $ 49,344 earlier in the day and was around $ 49,202 as of 10:20 am in London.
This year it is up about 70% so far. Rival cryptocurrency Ether hit a record Saturday, up about 150% since the start of the year.
Bitcoin has been backed in recent months by recommendations from Paul Tudor Jones and Stan Druckenmiller, among others.
Bloomberg previously reported that Morgan Stanley could bet on Bitcoin in its $ 150 billion investment arm, following news late last week that BNY Mellon plans to serve cryptocurrencies for its clients. And that’s after Tesla Inc put about $ 1.5 billion in Bitcoin. However, skeptics warn that the asset class could be in a bubble.
“With every major announcement, such as that from BNY Mellon, other institutions are urged to accelerate the adoption and deployment of digital assets,” said Patrick Campos, chief strategy officer at Securrency, a developer of blockchain-based financial and regulatory technology. .
Tesla’s recent announcement will encourage other major companies and institutions to accept crypto as not just a worthy asset class, but perhaps an essential one. More importantly, the corresponding expansion of institutional services to support these developments will trigger other digital asset-related developments within those institutions and in the larger ecosystem. “