Bitcoin surpasses $50,000 as more companies invest into cryptocurrency.
Few days after the Federal Government of Nigeria's Apex bank the Central Bank Of Nigeria banned the use of cryptocurrency in Nigerian banking institutions it hit $50,00 as more companied jumped into it and the stock rose as high as 99.99% and those who had bitcoin shares already are counting and swimming in millions.
A friend of mine actually bought a Merecedes Benz early this month using the retrns and profit he made from just investing 30,000 NGN into cryptocurrency.
These developments have led many crypto investors to believe the latest bull run is different than past rallies. Bitcoin skyrocketed to nearly $20,000 in late 2017 before losing more than 80% of its value the following year. Bitcoin believers say that, whereas the 2017 bubble was driven by retail speculation, the current cycle is being fueled by demand from institutional investors.