Bitcoin price tests $50,000 high as corporate adoption boosts legitimacy

CryptoCompare data shows the price of Bitcoin (BTC) moved from around $39,000 to test a new all-time high near the psychological $50,000 mark. It has since correctly slightly to trade at $47,500 at press time.

Ether (ETH), the second-largest cryptocurrency by market capitalization, started the week near $1,700 and moved up to a new all-time high near $1,900 before dropping. The cryptocurrency is currently trading close to $1,76, , Cityam.com reports.

Cryptocurrency prices went up this week after Tesla’s latest annual report (on Form 10-K), which has been filed with the US Securities and Exchange Commission (SEC), revealed the electric car maker has already invested $1.5 billion in Bitcoin

The move came after last week Tesla CEO Elon Musk revealed he believes bitcoin is on the “verge of broad acceptance.” Speaking during a wide-ranging interview on the Clubhouse app, Musk said he believes BTC is a “good thing.”

The document shows Tesla has updated its investment policy to provide more flexibility, further diversify and maximize returns on cash that is not required to maintain adequate operating liquidity. Under the policy, Tesla “invested an aggregate $1.50 billion in bitcoin” and may hold “digital assets from time to time or long-term.” On top of that, it adds:

“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.”

Tesla’s $1.5 billion bet on bitcoin saw the price rise to $47,000, but the flagship cryptocurrency’s run kept ongoing as the next day MicroStrategy CEO Michael Saylor launched a free “Bitcoin for Everybody” course promising to teach “Bitcoin economics, investment, philosophy, and history, as well as its technical and practical components.”

The 12-hour course, called “Bitcoin for Everybody” seeks to “assist anyone seeking to harness this digital monetary network to promote economic empowerment.” The cryptocurrency’s rise led to a new high near the $50,000 after more corporate adoption ensued.

Mastercard revealed it’s planning on giving merchants the option of receiving payments in cryptocurrency later this year through a new functionality, allowing for cryptoasset payments that would be settled in crypto at participating merchants.

The company has not revealed which cryptocurrencies it plans on supporting, nor where it plans on launching the new functionality, although it has been hinted stablecoins will be first in line. On top of Mastercard’s announcement came that of the oldest bank of the United States.

Bank of New York Mellon (NYSE: BK), has revealed it will start financing bitcoin and other digital currencies with the rollout of a new cryptocurrency custody service. The bank will start allowing cryptocurrencies to pass through the same financial network it is currently using for traditional holdings like U.S. Treasury bonds and equities.