Bitcoin posted nearly 6% gains on Monday to bring the biggest cryptocurrency to a “tipping point” and poised as the preferred currency for international trade, according to a report.
- Bitcoin was up 5.7% at $47,834 as of 1127 GMT on the Bitstamp exchange while ethereum rallied 7.5% to $1,525.
- Investment bank Citi said Bitcoin could face a “speculative implosion” or become the preferred currency in international trade to unseat the dollar after gaining attention from institutional investors.
- Bitcoin could be embraced into the mainstream after recent investments from Tesla Inc. and Mastercard Inc. It has gained traction in emerging markets such as Nigeria.
- Recent surge in interest has driven Bitcoin to a record-high of $58,354 and a $1-trillion market capitalization, but questions over the sustainability of the valuation pulled back the cryptocurrency more than $11,000 from those levels.