Bitcoin, the cryptocurrency, passed above £43, 100 ( $60, 000) for the first time as it has more than tripled in value since the end of last year powered by well-known companies adopting it as a method of payment.
Bitcoin’s total market value exceeded $1tn, although it had wild price swings and has fallen sharply several times since it was created in 2009.
In February, Elon Musk revealed that his electric carmaker Tesla bought $1.5bn worth of Bitcoin and would be accepting it as payment for its cars in the future. Mastercard also plans to accept certain cryptocurrencies as a form of payment while BlackRock, the world’s largest asset manager, is exploring ways it can use the digital currency.
The Covid-19 played an important part in Bitcoin’s price rise, as more people go online for shopping, moving away from physical coins, notes, and cards.