Bitcoin is hitting September at a good clip.
The largest cryptocurrency by market value rose above the $50,000 level Friday for only the fourth time in the last four months. Bitcoin is at the highest intraday level since Aug. 23, 2021, when it hit $50,477.86.
The move comes even as skeptics denounce its future. Earlier this week, billionaire hedge fund manager John Paulsen told “Bloomberg Wealth with David Rubenstein” that he wouldn’t recommend the investment to anyone. He said there is a cryptocurrency bubble that will “eventually prove to be worthless.”
|BITQ||EXCHANGE TRADED CONCEPTS TRUST BITWISE CRYPTO INNOVATORS E||27.69||+0.99||+3.71%|
Other popular cryptocurrencies, such as Ethereum and Cardano, are also up big in the first days of September.
Ethereum, like Bitcoin, hit its highest price since May on Friday morning, reaching $3981.53 per Ether.
Cardano, the third-largest cryptocurrency by market cap, reached an all-time high of $3.10 per ADA on Sep. 2 and has since been hovering around $3.