BUSINESS & TECHNOLOGY

Bitcoin price rises to $49,716, breaks record on Valentine’s Day

bitcoins (©Dmitry Demidko)

bitcoins (©Dmitry Demidko)

The price of bitcoin rose to just over $49,000 on February 11, 2021, which was then its highest price ever. On February 14, 2021, the record was broken as it reached an all-time high of  $49,716.

In March 2020, the Federal Reserve cut interest rates to near zero, which severely weakened the United States dollar. On the other hand, the price of bitcoin skyrocketed during the new coronavirus (COVID-19) pandemic.

Investors believe that once the supply of bitcoin runs out, its value can only increase. Its price increase after Tesla chief executive officer Elon Musk declared his support for it in an interview with Clubhouse on January 31, 2021.

“I do at this point think bitcoin is a good thing,” Musk told the audio-only social app. “I’m late to the party but I am a supporter of bitcoin.”

A week before Valentine’s Day, there have been positive developments about increased Wall Street acceptance of bitcoin. Institutional investors are becoming more and more interested in the leading cryptocurrency.

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