Bitcoin Hits $50,000 — and the Rally Just Started
Bitcoin has had an incredible run since it first started trading in 2010.
The cryptocurrency initially cost less than a penny. But earlier this week, it passed the $50,000 mark for the first time.
There are three big pieces of news behind its latest uptrend:
- Tesla added $1.5 billion in bitcoin to its cash holdings.
- Mastercard will allow some of its merchants to accept cryptocurrencies as payment.
- A major New York bank announced it will begin holding cryptos for its clients.
In today’s Market Insights video, I explain what these developments mean for bitcoin, and where the crypto’s price could be headed next.
(If you’d prefer to read a transcript, click here.)
Editor, Automatic Fortunes
My career on Wall Street started while I was in college. I spent a summer interning for Merrill Lynch in the middle of the ‘90s bull market. I was fascinated with trading, and as a result, after college, I joined Salomon Brothers in the famed mortgage bond trading department. Later, I spent time at Citigroup working with credit derivatives. Eventually, I needed to walk away from the excess of Wall Street. That’s when I joined Banyan Hill in 2017. Now I help readers get ahead of the market and build their retirements.