Bitcoin Eyes $50,000 for First Time Since El Salvador Rollout
(Bloomberg) -- Bitcoin is making a push back to $50,000 for the first time since El Salvador's checked rollout of the largest cryptocurrency as legal tender at the start of September.
After dropping as low 3.2% to $46,933 in earlier trading, Bitcoin edged up 1.6% to $49,237 as of 2:32 p.m. in New York trading. The push higher toward the round number bolstered the spirits of Bitcoin enthusiasts across Twitter.
Bitcoin tumbled as much as 17% on Sept. 7 after El Salvador's experiment with Bitcoin -- the biggest test of the token's real-world usefulness -- had a rocky start because of technical glitches to the official digital wallet.
Not everyone was high on the digital asset Monday, with Citadel Securities founder Ken Griffin saying that Bitcoin is a “Jihadist” call during a talk at the Economic Club of Chicago. To be sure, Griffin said Citadel would trade the asset if it was closely regulated.
©2021 Bloomberg L.P.
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