Cryptocurrency bitcoin came close to a value of $ 50,000 on Tuesday morning. The coin was worth nearly 5 percent more in the past 24 hours. Most other crypto coins also gained a lot in value.
Bitcoin was worth $ 49,065 on Tuesday morning, according to Coinmarketcap, which monitors various exchanges on which the crypto coin is traded.
The increasing acceptance of cryptos partly causes the advance of bitcoin and other tokens. Especially after Tesla boss, Elon Musk announced to invest $ 1.5 billion in digital money. The question that lingers above the market is whether bitcoin and other cryptos have any intrinsic value at all.
Especially since investors can be confronted with large losses because the currencies remain highly speculative.
Meanwhile, the currencies are also increasingly accepted by institutional investors. A Morgan Stanley investment division is reportedly considering betting on bitcoin. In Canada, the first North American bitcoin exchange-traded fund (ETF), which makes bitcoins accessible to more investors, has now been approved.
Despite the hype, there are still warnings that cryptos are prone to significant price swings. They are also often used for illegal transactions and are subject to stricter regulations, which means that they entail many risks.