Bitcoin leaps to one-week high above $58,000

Cioreviewindia Team | Monday, 29 March 2021, 13:35 IST

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Bitcoin leaps to one-week high above $58,000Bitcoin jumped to a one-week high on Monday, ascending as much as 4.5% to $58,300 and approaching a record high above $61,000 hit recently.

Visa Inc stated before it would allow the use of cryptocurrency to settle transactions on its payment network, the latest sign of growing acceptance of digital currencies by the mainstream financial industry.

Traditional financial companies are beginning to embrace cryptocurrencies and blockchain projects more than a decade after the creation of Bitcoin in 2009. That comes even as some remain skeptical of mainstream adoption. Blythe Masters, a former JPMorgan Chase & Co. executive who is now chief executive of Motive Capital, stated that the token remains mainly a vehicle for speculation and is unlikely to displace alternative stores of value.

Jack Forestell, Visa’s chief product officer, told the firm’s move is partly an effort to serve financial-technology companies.
“Crypto-native fintechs want partners who understand their business and the complexities of digital currency," Forestell stated in the statement. The announcement today marks a major milestone in our ability to address the needs of fintechs.
 

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