Insta
Cryptocurrency: Bitcoin Surges To Life-Time High, Surpasses $60,000 Mark
Swarajya Staff
Mar 14, 2021, 09:37 AM | Updated 09:37 AM IST
Save & read from anywhere!
Bookmark stories for easy access on any device or the Swarajya app.
Continuing with its meteoric surge, cryptocurrency Bitcoin yesterday (13 March) surpassed $60,000 levels for the first time, touching an all-time high of $60,012, reports Moneycontrol.
It should be noted that just in March last year, Bitcoin was trading at around $5,000. However, over the year, corporate heavyweights including online payments giant PayPal and Elon Musk-led electric carmaker Tesla have come out throwing their weight behind the cryptocurrency.
Twitter's chief Jack Dorsey and rapper Jay-Z have also announced the creation of a fund to make Bitcoin "the internet's currency".
Others such entities to have joined the bandwagon include global payments behemoth Mastercard and Wall Street giant BNY Mellon.
It should be noted that Bitcoins are traded via a decentralised registry technology known as a blockchain. It requires massive computer processing power to manage and implement transactions. This computing power is provided by "miners", who do so in the hope they will receive new bitcoins for validating transaction data.
Save & read from anywhere!
Bookmark stories for easy access on any device or the Swarajya app.
Introducing ElectionsHQ + 50 Ground Reports Project
The 2024 elections might seem easy to guess, but there are some important questions that shouldn't be missed.
Do freebies still sway voters? Do people prioritise infrastructure when voting? How will Punjab vote?
The answers to these questions provide great insights into where we, as a country, are headed in the years to come.
Swarajya is starting a project with an aim to do 50 solid ground stories and a smart commentary service on WhatsApp, a one-of-a-kind. We'd love your support during this election season.
Click below to contribute.