T.Bitcoin price topped $ 58,000 over the weekend, a new record high just days after market cap exceeded $ 1 trillion.
The cryptocurrency, which has supporters like Tesla boss Elon Musk, has nearly tripled in the past three months.
The rally was driven by the growing acceptance among institutional investors. Earlier this month, America’s oldest bank, BNY Mellon, announced that it would process Bitcoin for customers.
Musk has classified Bitcoin as “less stupid” than cash, even though the price seemed “high” over the weekend. His electric car company Tesla made a $ 1.5 billion investment in Bitcoin last month. Analysts estimate the company has made $ 1 billion in profit on this investment since then.
Dan Ives, Wedbush analyst, said the company was “on track to get more out of its Bitcoin investments than profits from sales of its EV (electric) vehicles throughout 2020.”