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Bitcoin is surging as major firms such as Tesla and Mastercard show their support

Bitcoin is surging as major firms such as Tesla and Mastercard show their support

Interpret data shows that Gen Z and Millennials are fueling the Bitcoin bull run.

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Bitcoin, the blockchain-based cryptocurrency founded over a decade ago by Satoshi Nakamoto (whose real identity has yet to be revealed), is finally having its day in the sun. Bitcoin’s price recently surged to a new all-time high of $50,000, and the rally may not be over as major corporations have announced their support for the digital currency.

Tesla recently bought $1.5 billion worth of Bitcoin, Mastercard said it plans to open its financial network to cryptocurrencies, and PayPal and BNY Mellon have made similar statements. Meanwhile, in the mobile sector, giants such as Google, Samsung, and Apple have all hopped aboard – Apple, Google, and Samsung have announced that their mobile wallets, Apple Pay, Google Pay, and Samsung Pay, will allow for payments to be made with Bitcoin in the near future. Meanwhile, Nvidia is specifically launching a dedicated GPU for the purpose of mining cryptocurrencies like Bitcoin.

Bitcoin still has plenty of skeptics who insist that this is the latest bubble that will soon burst. In 2017, the cryptocurrency jumped up to $20,000, but it proceeded to lose 80% of its value in the following year. Bitcoin investors are also typically young and inexperienced, leading some to believe that they’re playing “Russian roulette” with their futures. Never before, however, has Bitcoin seen the level of support from various financial institutions and electronics firms as it’s enjoying right now.

The market appears to be coalescing around Bitcoin, and there’s been a clear rise in trading activity among younger generations during the pandemic, according to Interpret’s New Media Measure®, which shows a year-over-year jump of five percentage points among those in the 35-44 age bracket and a three percentage point increase among the 25-34-year-old crowd. Moreover, trading has come largely from consumers whose income is at least $100K, with this more affluent demographic seeing a rise in trading from 17% in 2019 to 24% in 2020.

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