Business World

Bitcoin hits $60,000 for the first time as cryptocurrency fever continues

Bitcoin, the world’s biggest cryptocurrency, on Saturday crossed a record high of $60,000.

Bitcoin has risen sharply this year, broadly outperforming conventional asset classes, partly due to acceptance as a form of payment system.

In recent weeks, companies have taken advantage of its strength to raise hundreds of millions of dollars in funding, capitalizing on improved market sentiment.

A $1.5 billion bitcoin bet last month by Tesla saw Elon Musk’s electric car company join business software firm MicroStrategy and Twitter boss Jack Dorsey’s payments company Square in swapping some traditional cash reserves for the digital coin.

Amid rising customer demand to own and invest in bitcoin, Goldman Sachs Group said this week that it is exploring how to serve those clients while remaining on the right side of regulation. It recently restarted a cryptocurrency trading desk and this month it started dealing bitcoin futures and non-deliverable forwards.