Bitcoin, the world’s largest cryptocurrency, on Saturday crossed $60,000 for the first time, reports AFP. The cryptocurrency hit an all-time high of $60,012 at 1149 GMT, according to the website CoinMarketCap. On Thursday, Bitcoin rallied past $57,000, which analysts say was driven by the new stimulus package of $1.9 trillion signed by US President Joe Biden. The influx of money into the system is likely to affect investors, as people will invest more in Bitcoin and other cryptocurrencies. 

With the printing of more bills, the system is getting pumped with more money but the value of the dollar decreases. This places Bitcoin and other cryptocurrencies in a better position for purchase. 

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The cryptocurrency has been rising since March last year, when it stood at $5,000. The rise in Bitcoin was spurred by online payments Paypal, which said would allow account holders to do trading in the cryptocurrency. Paypal was joined by Wall Street player BNY Mellon, investment fund giant BlackRock and credit card titan Mastercard.

Bitcoin prices surged to an all-time high in mid-February, past $50,000 but subsequently tumbled down in the early days of March until the aid package was signed. It has risen by approximately 600% this year. 

Billionaire Elon Musk’s Tesla invested $1.5 billion in Bitcoin in February while Twitter chief Jack Dorsey and rap mogul Jay-Z said they are creating a fund aimed at making Bitcoin “the internet’s currency”.