The apparently unstoppable rise of Bitcoin continued Tuesday with the cost of a single unit of the digital currency rising above $50,000 for the first time.
The same Bitcoin one year ago would have cost $10,000. The price is up almost 200 percent in the last three months alone.
Bitcoin is rallying as more companies signal the volatile digital currency could eventually gain widespread acceptance as a means of payment.
The vast majority of those who have acquired Bitcoin have treated it as a commodity, like gold, with few places accepting it in exchange for goods or services.
Companies have been cautious due to Bitcoin’s volatility and its use by parties who want to avoid the traditional banking system for myriad reasons.