Bitcoin’s dizzying bull run shows no sign of slowing down despite an uptick in U.S. government bond yields, which has had no effect on the price of the crypto-currency star.
In just one month, the price of Bitcoin has risen by 53%, with a new record of $51,348 early this morning just after penetrating the psychological level of $50,000 for the first time the day before.
The latest move higher comes on the heels of an announcement that a new Nasdaq company is planning to boost its financial reserve in Bitcoins. Here, in this case, it is MicroStrategy, one of the big names of Artificial Intelligence, which has bought more than $600 million worth of BTC. As a reminder, this same company had already acquired Bitcoins in December 2020 for a value exceeding $1 billion.
It remains to be seen if the latest move above $50,000 is sustainable, given that US bond yields are rising and pushing gold lower. Bitcoin is widely considered a hedge against inflation like gold.