Bitcoin hits new high at US$52,000

BITCOIN’S market value surpassed Tencent, Tesla and Facebook after its price hit a record high of around US$52,000 yesterday. The cryptocurrency’s price has doubled this year after tripling in 2020.

Bitcoin now ranks sixth in market value, according to data from AssetDash.

Its anti-inflation value and functions have been embraced by the market, attracting more institutional investors, analysts said.

BlackRock, the world’s largest asset management firm, has “started to dabble” in Bitcoin, according to reports yesterday.

In another sign of mainstream acceptance, Tesla revealed it purchased US$1.5 billion of the cryptocurrency and would soon accept it as a form of payment for vehicles.

Apple is also thinking of buying the cryptocurrency and add its related functions to its wallet feature, according to media reports.

“US$50,000 is an influential line among investors,” said Xu Tong, an analyst at Huobi, a Chinese cryptocurrency trading and service platform. “It’s now endorsed by listed firms and top funds.”

HK-listed Huobi jumped 8.33 percent to HK$26 (US$3.33), quadruple its price in 2020.