Bitcoin surged past $50,000 for first time on Tuesday, reported AFP. It struck $50,547.70 around 12.35 GMT. Since the beginning of 2021, the price of the cryptocurrency has soared 75%. “The crypto king has crossed the 50K price level for the first time as institutions are all over it,” said AvaTrade analyst Naeem Aslam.

“There is a lot of FOMO (fear of missing out) among traders as the price is going through the roof and we have limited supply,” he added.

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At around 12.55 GMT, it pulled back to stand at $49,505.35.

Bitcoin is a cryptocurrency and it has turned many heads in the past couple of months. World’s richest man Elon Musk recently invested a whopping $1.5 billion in it and since then many people are now considering their options of investing in Bitcoin themselves. 

It said that since the decision was approved by its audit committee it had “invested an aggregate $1.5bn in bitcoin under this policy and may acquire and hold digital assets from time to time or long term”.