Bitcoin Hits Record High to $61,074

Bitcoin rose 6.64% to $61,073.71 on Saturday, adding $3,802 from the previous close.

The world's most well-known cryptocurrency prices have more than doubled so far this year, up 107% from last year's closing price of $28,987.60.

Elon Musk, Tesla's CEO said in February that his company had had acquired $1.5 billion worth of the cryptocurrency to its balance sheet. Tesla also said it is looking to allow consumers to use bitcoin to buy its e-vehicles.

The move sparked speculation among major investors, who also welcomed bitcoin and other known cryptocurrencies to their balance sheets, given that higher risk gives the digital coins a much higher return than bonds.

[caption id="attachment_221596" align="alignnone" width="823"] Bitcoin graph illustrating a jump in the price to $61,074. March 13, 2021. Coin Desk[/caption]

Software firm MicroStrategy (MSTR) has been actively buying bitcoin, while other top financial firms are helping to validate the cryptocurrency.

Meantime, payments companies such as PayPal and Square (SQ) allow their users to buy and sell cryptocurrencies, while Credit card processing giants Visa and Mastercard are also embracing the digital currencies.

Moreover, Bank of New York Mellon (BK) and BlackRock have begun to participate in bitcoins as well.