Bitcoin Reaches Highest Ever Value

Bitcoin Reaches Highest Ever Value

Bitcoin is on the rise again and on Friday April 16, it reached its highest ever value. The cryptocurrency rose about the $64,000 mark for the first time ever. The rise in value made it two days in a row the record had been broken.

The highest figure reached was $64,863.10 (£47,068.23) and by the end of the day was still above $63,000. The rise on Thursday was a significant one for Bitcoin. As it went above $62,000 that meant the value of the cryptocurrency had doubled in just over 12 months.

It’s always good when someone say something about you. Even better if you are Bitcoin and looking to get important support that will increase the trust that people have in Bitcoin. That has been forthcoming in recent months, hence the rise in value.

When major companies such as PayPal, Mastercard, Tesla and Facebook give you support, then that can only do you good. There is always some degree of uncertainty about anything that is relatively new. Some of us are old enough to remember the fears that many had over the introduction of decimal currency in the UK in the 1970s.

Cryptocurrency Questions

Using a totally new currency takes a bit of getting used to. Not everyone even knows what all this cryptocurrency business is all about. There are so many questions that need to be answered such as how it works and is it safe from fraud? Even when people read about the mining process, they still aren’t quite sure what it’s all about.

The fact that PayPal now allows its users to both buy, sell and hold Bitcoin. Soon they will also be able to use Bitcoin and other cryptocurrencies to make purchases too. The decision is a major step forward for Bitcoin. If it’s ok for a company that large to accept it, then surely it must be ok to use.

Receiving the support of Tesla CEO Elon Musk was another fantastic piece of news for cryptocurrencies. Just a tweet or two from him works wonders for the value of cryptocurrencies such as Bitcoin and Dogecoin. If he lost faith in them, imagine what a tweet from him might do the value.

Another important upcoming event is the developments at Coinbase. They allow people to both buy and sell cryptocurrencies and are about to go onto the Nasdaq stock exchange. This could lead to even higher values for cryptocurrencies.

Not everyone is totally convinced with Bitcoin. Federal Reserve Bank of Dallas President Robert Kaplan sees it as “a store of value.” The volatility of its value still concerns him. He says: “It (Bitcoin) obviously moves a lot in value, which could keep it from spreading too far as a medium of exchange and wide adoption, but that can change.”