REUTERS/Benoit Tessier

Bitcoin is close to $ 50,000

Bitcoin on Sunday morning continued its growth, increasing by 3% to $ 48,700. Today, its value rose to $ 49,714, close to the next milestone of $ 50,000. Since the beginning of the year, the cryptocurrency has grown in price by almost 70%.

REUTERS / Benoit Tessier

After a long period of ignorance of virtual currencies, traditional financial firms are increasingly turning to them as an asset and a common means of payment.

The oldest U.S. bank, Bank of New York Mellon, said last week that it has formed a new division to help clients store, transfer and issue digital assets. A few days earlier, the Tesla company of billionaire Elon Musk announced that it acquired bitcoins for $ 1.5 billion and would soon accept it as payment for its cars.

On Friday, the Canadian Ontario Securities Commission (OSC) approved the launch of the Purpose Bitcoin ETF, the world’s first exchange-traded bitcoin fund. “The ETF will be the first in the world to invest directly in physically hosted bitcoins rather than derivatives, which will provide investors with simple and efficient access to the emerging cryptocurrency asset class.”, – stated in Purpose Investments.

Miami Mayor Francis Suarez also said Friday that the city is looking to incorporate bitcoin into its operations, which could help it get tech companies involved in its projects.

With cryptocurrency booming, shares of US-listed cryptocurrency mining company Riot Blockchain surged 14% on Friday, peaking in more than 10 years with a 110% weekly gain, the biggest weekly gain since 2017. Digital asset technology company Marathon Patent Group saw a weekly gain of over 70%.

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