Bitcoin surges beyond $60000; Elon Musk says, “… going to moon very soon”

The cryptocurrency hit $60,197 and continued to hover around $60,000.

Bitcoin is known as the first cryptocurrency of the more than 2,000 that exist today, independent of any government authority, its production is completely digital, subject to an issuance limited to 21 million Bitcoins.

The world’s largest cryptocurrency Bitcoin surpassed a record high of $60,000 on Sunday. The cryptocurrency hit $60,197 and continued to hover around $60,000.

Bitcoin (BTC) is up 116% from the year’s low of $27,734 on 4th Jan. It crossed the $60,000 mark for the first time on 13th March, hitting a record $61,781.83 on Bitstamp exchange, just after U.S. President Joe Biden signed his $1.9 trillion fiscal stimulus package into law.

A Sales Manager at digital asset company Diginex in Hong Kong, said investors had turned their attention to stock markets and other cryptocurrencies in the past couple of weeks, leaving Bitcoin idling in the upper 50-thousand dollar levels.

“That changed just yesterday when we pierced through 60K. With miners not selling recently minted coins, on-exchange reserves hitting multi-year lows and an incessant stream of corporates, funds, large and small investors piling into BTC, we punched through,” he said.

Bitcoin’s stunning gains this year have been driven by its mainstream acceptance as an investment and a means of payment, accompanied by the rush of retail cash into stocks, exchange-traded funds and other risky assets.

SpaceX and Tesla founder and CEO, Elon Musk, earlier in a tweet on April 1 said, SpaceX is going to put a literal Dogecoin on the literal moon”. Now, his new tweet on Saturday, April 10, looks much connected to his earlier comment on moon. Musk tweeted, “… going to moon very soon”.

Recently, electric car manufacturer Tesla started accepting Bitcoin as a payment option. CEO Elon Musk said in a tweet on March 24, “You can now buy a Tesla with Bitcoin.” The car maker is the first auto manufacturer to start accepting Bitcoin as payment.

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