Picture: REUTERS/DADO RUVIC
Picture: REUTERS/DADO RUVIC

Bitcoin jumped to a record high as the mood in cryptocurrencies turned bullish before Coinbase Global goes public.

The token rose as much as 4.3% to $62,531, exceeding the previous peak in March.

Crypto bulls are out in force as a growing number of companies embrace Bitcoin, even as sceptics doubt the durability of the boom. In one of the most potent signs of Wall Street’s growing acceptance of cryptocurrencies, Coinbase will list on the Nasdaq on April 14 at a valuation of about $100bn.

“It’s the evolution of an industry that used to sit on the periphery,” said Nick Jones, CEO and co-founder at cryptocurrency wallet Zumo. “It really blurs the lines between crypto and more traditional financial institutions.”

Goldman Sachs and Morgan Stanley have announced plans to offer their clients access to crypto investments. Tesla earlier in 2021 disclosed a $1.5bn investment in Bitcoin and more recently started accepting it as payment for electric cars.

Still, some sceptics argue that digital coins have been inflated by stimulus that’s also sent stocks to records. Regulators around the world are stepping up oversight and casting doubt on its usefulness as a currency.

Coinbase’s public debut this week is also boosting the digital coins of other cryptocurrency exchanges, such as binance coin, which has jumped to become the third-most valuable cryptocurrency behind bitcoin and ether.

Bloomberg

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