Bitcoin rises above US$50,000 for first time

Wednesday, 17 February 2021 06:33

Bitcoin rises above US$50,000 for first time Featured

By Sam Varghese

Image by Gerd Altmann from Pixabay

The cryptocurrency bitcoin rose above US$50,000 (A$64,399) on Tuesday US time, before falling back a bit, the first time the digital currency has hit this level.

Reuters reported that the currency hit US$50,602 and then fell back to US$49,100, adding that this meant it had risen by about 70% in 2021.

A large percentage of the gain in value has come after electric vehicle manufacturer Tesla said it had bought bitcoin worth US$1.5 billion.

Some of the other well-known Americans to endorse the digital currency have been Twitter chief Jack Dorsey and rapper Jay-Z.

The value of the lesser-known cryptocurrency, ethereum, rose by 1.5% hitting a level which was just shy of its record high of US$1874.98.

Reuters quoted George Lagarias of global audit, accounting and consulting group Mazars as saying the degree of volatility displayed by bitcoin was cause for concern.

“We feel that, due to its volatility, bitcoin lacks many of the established qualities that make up ‘money’, such as being a stable store of value and unit of account," he said.

“As an intangible asset with no yield or practical use, save for a few organisations who accept it as payment, it is really just demand (against a predictable supply) which determines its price.

“But whereas the price of bitcoin has risen to the skies, what value one gets from holding it in a long-term portfolio still remains subject of much debate.”

Subscribe to ITWIRE UPDATE Newsletter here

GRAND OPENING OF THE ITWIRE SHOP

The much awaited iTWire Shop is now open to our readers.

Visit the iTWire Shop, a leading destination for stylish accessories, gear & gadgets, lifestyle products and everyday portable office essentials, drones, zoom lenses for smartphones, software and online training.

PLUS Big Brands include: Apple, Lenovo, LG, Samsung, Sennheiser and many more.

Products available for any country.

We hope you enjoy and find value in the much anticipated iTWire Shop.

ENTER THE SHOP NOW!

INTRODUCING ITWIRE TV

iTWire TV offers a unique value to the Tech Sector by providing a range of video interviews, news, views and reviews, and also provides the opportunity for vendors to promote your company and your marketing messages.

We work with you to develop the message and conduct the interview or product review in a safe and collaborative way. Unlike other Tech YouTube channels, we create a story around your message and post that on the homepage of ITWire, linking to your message.

In addition, your interview post message can be displayed in up to 7 different post displays on our the iTWire.com site to drive traffic and readers to your video content and downloads. This can be a significant Lead Generation opportunity for your business.

We also provide 3 videos in one recording/sitting if you require so that you have a series of videos to promote to your customers. Your sales team can add your emails to sales collateral and to the footer of their sales and marketing emails.

See the latest in Tech News, Views, Interviews, Reviews, Product Promos and Events. Plus funny videos from our readers and customers.

SEE WHAT'S ON ITWIRE TV NOW!