Bitcoin surge continues as it hits $US50,000 for first time


The seemingly unstoppable rise of bitcoin continued with the cost of a single unit of the digital currency rising above $US50,000 for the first time.The same bitcoin just one year ago would have cost you $US10,000. The price is up almost 200 per cent in the last three months alone.Bitcoin is rallying as more companies signal the volatile digital currency could eventually gain widespread acceptance as a means of payment. The vast majority of those who have acquired bitcoin have treated it as a commodity, like gold, with few places accepting it in exchange for goods or services.Companies have been leery because of bitcoin’s volatility and its use by parties who want to avoid the traditional banking system for a myriad of reasons. On Tuesday (US time), the price crossed and re-crossed the $US50,000 barrier at least a half dozen times before 10 am.Last Monday, however, the electric car company…

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