The price of Bitcoin on Tuesday broke above $50,000 for the first time in history, continuing its blistering rally as major companies appear to be warming to cryptocurrencies.
The buzz around bitcoin grew when the second richest man in the world Elon Musk in a series of tweet endorsed dogecoin a cryptocurrency company.
Musk didn’t stop at that. His electric car making company Tesla announced that it had updated its investment policy to get “more flexibility to further diversify and maximize returns” to allow it to invest cash reserve in “alternative reserve assets including digital assets.”
“Moreover, we expect to begin accepting bitcoin as a form of payment for our products in the near future, subject to applicable laws and initially on a limited basis, which we may or may not liquidate upon receipt.”
Also, Mastercard said it will open up its network to some digital currencies. PayPal and BNY Mellon have also made big moves to support crypto, CNBC reported.
Central Bank of Nigeria directed banks and other financial institution to close accounts of persons or entities involved in cryptocurrency transactions.
This directive is coming despite cryptocurrency getting waves and the increase in the publicity across the globe.
The apex bank stated that cryptocurrencies pose the risk of loss of investments, money laundering, terrorism financing, illicit fund flows and other criminal activities.