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Bitcoin makes history hits $50,000 for the first time

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(FILES) In this file photo taken on September 24, 2020 shows a physical imitation of a Bitcoin at a crypto currency “Bitcoin Change” shop, near Grand Bazaar, in Istanbul. – Bitcoin soared above $50,000 for the first time on February 16, 2021, after surging by almost 75 percent this year as heavyweight companies lend their support to the world’s most popular virtual currency. At around 1235 GMT, bitcoin hit an all-time high at $50,547.70, a 4.4-percent gain since Monday. (Photo by Ozan KOSE / AFP)

The price of Bitcoin on Tuesday rose above $50,000 for the first time in history.

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.”

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Tesla said it would accept bitcoin as payment henceforth.

Despite the cryptocurrency getting waves and the increase in the publicity across the globe, African biggest economy, Nigeria recently banned bitcoin transaction in the country.

The Central Bank of Nigeria directed banks and other financial institution to close accounts of persons or entities involved in cryptocurrency transactions.

The apex bank stated that cryptocurrencies pose the risk of loss of investments, money laundering, terrorism financing, illicit fund flows and other criminal activities.

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