Bitcoin soared to new highs following the decision of America’s oldest bank, BNY Mellon to support the world’s most valuable cryptocurrency.
BNY Mellon on Thursday said it is exploring how to allow cryptocurrency assets to pass through the same financial network it uses for more traditional holdings such as stocks and bonds, the Wall Street Journal first reported .
Consequently, the price of bitcoin surged to an intraday high of $48,364.06 on Thursday. It is the second time the world’s most popular cryptocurrency has blown past the $48,000-mark this week.
Same Thursday, Mastercard announced that it will allow merchants to accept select cryptocurrencies on its network starting later this year, while Bank of New York Mellon said that it will issue, hold, and transfer bitcoi n for clients in the future.
BNY Mellon joins a handful of companies embracing digital tokens as payment.
Earlier this week, Tesla said it will also start accepting bitcoin as payment for its products, while also disclosing a $1.5 billion bitcoin investment. The price of the digital asset spiked to record levels on the news.
Bitcoin – which is not regulated by any central authority – has risen more than 60% since the start of this year, lifted by increasing demand from institutions, celebrities, and large investors.
