The world’s most valuable cryptocurrency, bitcoin, continued its rally on Wednesday, soaring above the $51,000 mark. Tuesday had seen it hit $50,000 for the first time ever.
The crypto coin reached a new record price of $51,715 at around 9:50 GMT, according to data from Coin Metrics. It is currently trading over five percent higher than on Tuesday.
“$50,000 #Bitcoin is the new normal,” Blockstream CSO Samson Mow said on Wednesday.
He was echoed by popular Twitter account Documenting Bitcoin, which said that “If you think $50,000 a bitcoin is expensive, wait until you hear that the government is about to print $1,900,000,000,000 out of thin air.”
Bitcoin’s proponents attribute its growth to increased demand from institutional investors, as well as corporate buying of the digital currency from companies like Tesla
, Square, and MicroStrategy.
However, crypto-skeptics, such as precious metals buff Peter Schiff, are pointing out that bitcoin may be the biggest bubble in financial markets.
JPMorgan strategists said in a note on Tuesday that, unless bitcoin’s volatility starts to ebb, its current price “looks unsustainable.”