Bitcoin continued its seemingly unstoppable ascent on Friday, surpassing $54,000 and a market value of $1 trillion as investors and backers including Elon Musk and Tesla (TSLA) – Get Report defended their recent large purchases of the digital token.
Driving the surge: the acceptance that bitcoin is a digital form of gold and an asset class – something that Tesla and others have bought into – literally – by scooping up vast amounts of the digital tokens.
At the same time, there are other crytpocurrencies out there that are gaining credibility, including Ethereum, says Osprey Funds’ Greg King, whose firm this week launched the Osprey Bitcoin Trust (OBTC).
Watch the above video for more insight into the world of cryptocurrencies and how to invest in what may be the next bitcoin.
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