SAMAA Money explains rising cryptocurrency prices
At 11am on Friday, Bitcoin reached an all-time high of $48,684 (approximately Rs7,744,791). The price is 10% more than its value at the time of the announcement. This happened when payments giant Mastercard announced that it is adding selected cryptocurrencies to its payment system. The development comes two days after Tesla made public its $1.5 billion investment in Bitcoin, the most expensive and first-ever cryptocurrency, along with its plan to accept payments for its cars in Bitcoin. Large mainstream businesses accepting cryptocurrencies have boosted investors’ confidence in an asset that is otherwise regarded as volatile and speculative. In this video, SAMAA Money Editor Farooq Baloch explains why the prices of cryptocurrencies are going up and the risks associated with the trading of these virtual currencies.