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Bitcoin hovers near record as Mastercard, BNY Mellon eye Tesla move
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Bitcoin, the world's most valuable cryptocurrency, reached a new high of more than $48,000 for the second time this week on Wednesday as major tech and financial companies eye virtual currencies.
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Returns for the decentralized cryptocurrency, which sat at more than $47,000 at the time of publication, were up more than 5% in 24 hours Thursday and more than 60% year-to-date, according to blockchain and cryptocurrency news website Coindesk.
Bitcoin's steady surge comes as Tesla, Mastercard, BNY Mellon and Twitter have expressed increasing interest in digital currencies.
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Tesla said in a Monday SEC filing that the company had invested $1.5 billion in bitcoin and would start accepting it as a form of payment, and the company's founder, Elon Musk, added #bitcoin to his Twitter bio on Feb. 5 as the coin's price surged by about 20%.
"I do at this point think bitcoin is a good thing, and I am a supporter of bitcoin," Musk said during a live-streamed interview on the popular audio chat app Clubhouse on Sunday. "Many friends of mine have tried to convince me to get involved in bitcoin for a long time."
Michael Stark, market analyst at digital online trading website Exness, told FOX Business in a statement that while Tesla's decision to buy the cryptocurrency "might look like a bubble investing in a bubble, but realistically very many assets could be said to be in bubbles.