Why is the price going up?
Bitcoin’s value has surged almost 75% this calendar year alone as the digital currency gains more mainstream support. Its lowest ebb in the last 52 weeks is a little over $4,000, more than 12 times less than its current price. Among the currency’s famous backers are Elon Musk. In early February, Bitcoin’s value surged after Musk’s Tesla announced it bought $1.5 billion of Bitcoin.
Following the news, Blue Ridge Bank said it would start providing access to Bitcoin at its branches — making the Charlottesville, Virgina bank the first commercial bank to do so. The oldest bank in the United States, BNY Mellon, followed suit.
Mastercard has also said it would accept the currency despite skepticism from regulators.