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Bitcoin surpasses $ 60,000 for the first time

Paris: Bitcoin rose briefly above $ 60,000 for the first time on Saturday, as growing support from heavyweight companies helps the world’s most popular virtual currency continue its record run.

The cryptocurrency reached an all-time high of $ 60,012 at 11.49 AM GMT, according to CoinMarketCap.

Bitcoin has been on the rise since March of last year, when it reached $ 5,000, spurred by online payment giant PayPal saying it would allow account holders to use the cryptocurrency.

Last month, Elon Musk’s electric car maker Tesla invested $ 1.5 billion in the virtual unit, while Twitter chief Jack Dorsey and rap mogul Jay-Z said they were creating a fund aimed at making Bitcoin the “internet currency”.

Other participants who have joined the cart include Wall Street player BNY Mellon, mutual fund giant BlackRock and credit card giant Mastercard.

Bitcoin, launched in 2009, made headlines in 2017 after rising from less than $ 1,000 in January to nearly $ 20,000 in December of the same year.

Then the virtual bubble burst in the following days, as Bitcoin’s value fluctuated dramatically before dropping below $ 5,000 by October 2018.

However, the rally in the past year has been more steady, as investors and finance giants on Wall Street wooed by spectacular growth, the opportunity to diversify profits and assets, and a safe store of value to guard against inflation.

Bitcoins are traded via a decentralized scoring system known as the blockchain.

The system requires enormous computing power in order to manage and execute transactions.

This power is provided by “miners”, who do so with the hope that they will receive new Bitcoins to validate transaction data.

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