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Bitcoin breaks records as it touches US$50,000 for the first time

After days dancing around the US$49,000 mark, Bitcoin has finally surged past US$50,000 breaking all records.

The cryptocurrency is up 73% so far this year after rocketing over 380% since February 2020 amid growing popularity.

READ: Bitcoin hits new high as Bank of NY Mellon and Mastercard swing in behind cryptos

The rally was helped by endorsement from Elon Musk’s Tesla (NASDAQ:TSLA), which bought US$1.5bn and announced it will accept it as a payment.

Mastercard and Bank of New York Mellon are looking to support certain cryptocurrencies, while Morgan Stanley may add Bitcoin to its possible bets.

“The worry is, at a time where the investment industry has seen an influx of people investing for the first time, novice investors will get swept up in ‘Bitcoin mania’ and invest in the coin without fully appreciating the risks,” said Myron Jobson, personal finance campaigner at interactive investor.

“Bitcoin remains a high-risk investment and the price swings have historically been too wild for many investors to stomach.”

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