The Crypto Council for Innovation (CCI) said it plans to undertake research projects and lobby lawmakers to promote what it sees as the "transformational technology's promise" and to correct perceived misperceptions.
The cryptocurrency has surged in price this week while Ripple pushes back against the ongoing lawsuit filed in December.
"These tentative signs of Bitcoin volatility normalization are encouraging," JPMorgan said in report released last week. "In our opinion, a potential normalization of Bitcoin volatility from here would likely help to reinvigorate the institutional interest going forward."
The combined market cap of all cryptocurrencies hit $2 trillion for the first time Monday, making the cryptocurrency market as a whole as valuable as Apple.
It costs about $973 to mine an ounce of gold and $4,161 to mine one Bitcoin by computer, industry figures show.
"As #BTC (Bitcoin) is flirting with new highs, options are starting to react with call demand," Genesis Volatility, a Chicago-based cryptocurrency analytics website, tweeted.
Dogecoin fans often say they hope its price will rise "to the moon"—could SpaceX really make that happen?
The Filecoin network aims to compete with cloud storage services by using blockchain technology, and the Filecoin token has been increasingly popular in recent days.
Bitcoin's code base can be copied, but the credibility, and immutability of its hard money policies cannot," analysts say. "Bitcoin is long past the point of being catchable."
A single bitcoin could cost as much as a high-end sports car within months, according to the boss of a cryptocurrency exchange.
Massive government spending in response to the COVID-19 pandemic and the Federal Reserve's optimistic view of an economic rebound could lead to "entrenched inflation," a financial advisor said.
The company said it hopes the service will be rolled out to all 29 million of its merchants in the future.
"Bitcoin transactions and tradability are still limited," Dr. Marion Laboure, an analyst at Deutsche Bank London said. "And the real debate is whether rising valuations alone can be reason enough for Bitcoin to evolve into an asset class, or whether its illiquidity is an obstacle."
USDC is a type of cryptocurrency known as a stablecoin because it is linked in price to the US dollar.
Bitcoin fell Thursday to $51,358, a 16.57% decline from the all-time high of $61,556. A bear market is defined as a 20% drop from its high. But there appears to be no panic around the world's largest cryptocurrency by market cap.
A known Bitcoin fan, the social media CEO put his cryptocurrency clock on display as he talked to officials.
About 25 publicly traded companies have invested a total of $4 billion in Bitcoin and most have at least doubled their initial outlay, an analyst reported.
"Bitcoin's growth can be explained by simple economics," Jason Deane, an analyst at London's Quantum Economics told Newsweek. "Since the supply side of the equation is fixed and demand continues to increase, the result is predictable and obvious."
The latest rise came after Elon Musk, the CEO of Tesla, revealed that U.S. buyers can now pay for their car with Bitcoin.
The CEO of the electric car maker made the announcement just weeks after it bought $1.5 billion of the cryptocurrency.
Anthony Scaramucci, perhaps best known outside Wall Street for his 10-day stint as former President Donald Trump's communications director, is joining the stampede to Bitcoin exchange-traded funds through the company he founded in 2005.
Bitcoin's price surged this month as large companies including Elon Musk's Tesla and Mastercard voiced support for its potential as a payments option. This week, however, it's price has fallen.
"Bitcoin's value will continue to rise and fall depending on what people believe it is worth," Dr. Marion Laboure said in a research report. "This is sometimes called the 'Tinkerbell Effect'—a recognized economic term stating that the more people believe in something, the likelier it is to happen."
Is Bitcoin a "particularly vile asset class" indicative of an "extreme form of libertarian anarchism" or is it a precursor to an increasingly decentralized world powered by digital technology and a good inflation hedge against government-issued fiat currencies?
"We believe a healthy correction is in play as short-term traders put profits on the table after a good run from $45,000," Lennard Neo, head of research at Stack Funds in Singapore. "The digital asset is now trading comfortably in an upward channel as we head into the final week of March."
"Investor demand has never been higher, and every day we're seeing new entrants to what has surely become a bona fide asset class," Michael Sonnenshein, Grayscale's CEO, said in a statement.
Crypto in India may be heading to the crypt, as it considers a ban on Bitcoin and other cryptocurrencies. Government officials are drafting a report on proposed legislation and will submit it to the cabinet for review soon.
Many accounts use similar methods of scamming people out of cryptocurrency, and last year more than 10,000 people were victims.