THE price of Bitcoin has surged to a new record high after two finance giants announced their own cryptocurreny projects.

The price of a single Bitcoin hit nearly $48,000 (£34,400) after the announcement, which investors believe shows the the cryptocurrency markets are beginning to be embraced by the traditional finance world.

Both Mastercard and BNY Mellon, America’s oldest bank, announced their plans to incorporate Bitcoin into their multi-billion dollar businesses.

Mastercard said they would begin allowing their platform to support Bitcoin payments this year, while BNY Mellon went a step further and said they will be transferring and issuing the cryptocurrency.

The latest Bitcoin surge began on Monday when Tesla announced it would soon be allowing customers to purchase items using Bitcoin.

That announcement came with the revelation that the Elon Musk controlled firm had also invested $1.5 billion in Bitcoin itself.

Now crypto-market watchers now believe a wave of Silicon Valley billion-dollar investments could spark another surge, with Twitter among several companies rumoured to be planning a Tesla-style share purchase.

Before investing in any cryptocurrency, you should be aware of the risks and how volatile the market is. The UK’s Financial Conduct Authority has warned investors to be prepared to lose everything they put in.

Miami’s Mayor, Francis Suarez, has proposed paying municipal workers and collecting taxes in Bitcoin.

The move would be an expansion of a campaign to promote cryptocurrencies. 

A resolution passed by the city’s governing commission proposed that City of Miami’s workers choose to receive all or a portion of their pay in Bitcoin. 

Suarez also proposed allowing people to pay property taxes or city fees in crypto.

The commission, which approved the resolution 4-1, significantly dialed back its original wording; agreeing only to study the practicality of such steps, rather than taking action.

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