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The reasons - why Bitcoin Hit $50,000 mark ?

Bitcoin touched $50,547.70 in the European exchange at about 12.35 pm GMT following a meteoric rise in which its value has risen by 75 percent since the beginning of the year.

1. The price rise means that Tesla, the electric car firm of Elon Musk, has accumulated a virtual profit of £ 420 million in the week after the businessman said that the car company acquired bitcoins worth $ 1.5 billion. They were trading at $39,406 at the time of the announcement, on 8 February.

The rise was a mixture of endorsements from influential business persons, including Musk, and many investment banks who announced they would purchase the currency, analysts said.

2.A number of cryptocurrencies can be bought and sold by PayPal users in the US, while Jack Dorsey, co-founder and chief executive of Twitter, recently said he and rapper Jay-Z will purchase 500 bitcoins, now worth £ 25 million, to start an Africa and India endowment fund.

3.Morgan Stanley said its $150bn investment fund is looking closely at a major bitcoin acquisition, although it is known that acquisitions will likely be revealed by Goldman Sachs and JP Morgan, who have been suspicious of cryptocurrencies.

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