- Bitcoin surpassed the $50,000 mark for the first time on Tuesday, extending its year-to-date gain to 72%.
- The digital asset’s price has surged this year on increased adoption by big-ticket players like Tesla.
- Five cryptocurrency experts gave their take on the 400% rally in the price over the last year.
- Sign up here for our daily newsletter, 10 Things Before the Opening Bell.
After several attempts over the last few days, bitcoin finally broke above $50,000 on Tuesday for the first time to mark a new record high.
The digital token was trading at an intraday peak of $50,547, before slipping to around $49,700 as of 7:55 a.m. ET. A boost in its price has been driven by major companies including Tesla, JPMorgan, and Morgan Stanley warming up to cryptocurrencies.
Here’s what 5 experts in the crypto industry said about bitcoin climbing past the $50,000 mark:
Sergey Nazarov, the co-founder of blockchain platform Chainlink
“With Bitcoin breaking $50,000 a coin, I believe we’re reaching an inflection point where Bitcoin is essentially becoming the reserve currency of the internet. With the world’s richest man putting bitcoin on Tesla’s balance sheet, I think that institutions will have much more publicly acceptable justification to allocate to bitcoin. You have to understand, with this move, anyone who owns Tesla shares just received exposure to Bitcoin. The normalization of Bitcoin that is taking place right now cannot be understated.”