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Bitcoin sets new record thanks to recognition from major investors

The cost of the popular cryptocurrency Bitcoin has set a new record and reached $ 56,620. Bitcoin’s capitalization has exceeded $ 1 trillion, according to Reuters.

Over the week, the price of bitcoin has increased by 18%. For 2021 – by 92%. The cryptocurrency’s growth is driven by the recognition it receives from major investors from major investors and companies such as Tesla , Mastercard and BNY Mellon Bank.

“Crypto rally is because of central banks’ actions” – Says Bohdan Prylepa CTO of Prof-it Blockchain Ltd and COO in Bitcoin Ultimatum, “ High-net worth individuals seeking value in Bitcoin emerge with better qualities than gold due to incessant money printing by the central bank” he added. Bohdan’s analysts are convinced that the flow of money into the Grayscale Bitcoin Trust, which accounts for the lion’s share of assets – $ 20 billion, has reached its peak, still there are many whales who want to jump in the crypto market.

As of February 21, the cost of Bitcoin was $ 45,500 (-12%+). The rate of the second largest cryptocurrency Ethereum also set a new record of $ 1550. Over the past 24 hours, the price of Ethereum has decreased by 12%.

  • On February 8, 2021, Tesla  invested $ 1.5 billion in Bitcoin , due to which the price of Bitcoin increased by 13%, exceeding $ 44,700.
  • On February 11, BNY Mellon, the oldest US bank, announced its entry into the cryptocurrency market . This pushed the bitcoin price up to $ 48,316.
  • On February 18,  the bitcoin rate already exceeded  $ 52,000 after MicroStrategy announced plans to invest $ 600 million in cryptocurrency.
  • According to forecasts of analysts at JPMorgan, in the long term, the  cost of bitcoin could reach $ 146,000 .

Bitcoin is slightly better than regular money – Elon Musk

Owning Bitcoin cryptocurrency is only marginally better than regular money, but the small difference makes Bitcoin a more reliable asset. Tesla CEO and SpaceX founder Elon Musk announced this on Twitter .

“I am (not) an investor, I am an engineer. However, when fiat currency has negative real interest, only a fool will not look elsewhere. Bitcoin is almost the same as paper money. * The keyword is” almost. ” – wrote Musk.

Over the past two weeks, the Bitcoin rate has dropped by 17%. The price of bitcoin increased by 700% in 2020, and back in March last year, only $ 3,850 was given for one bitcoin.

May exceed $ 100,000. Bitcoin breaks new record

It is very likely that this asset will eventually exceed $ 100,000 per coin. Over the years, people have steadily lost faith in their national currencies, and monetary policy caused by the economic impact of the coronavirus has only accelerated this decline,” said Sergei Nazarov, co-founder of the Chainlink blockchain project.

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