Bitcoin rose to a record high amid increasing investor interest and claims that Cryptocurrency Volatile is on its way to becoming the mainstream method of payment.
After quadrupling its value during 2020, the currency began the year 2021 strongly by breaking the $ 30,000 mark for the first time, less than three weeks after it first traded above $ 20,000.
On Sunday, the coin reached a new high of more than $ 34,800, marking the 12th anniversary of the Bitcoin network.
The currency’s rapid rise revived memories of previous parabolic highs and lows, as it bounced through 2017, from about $ 1,000 to $ 19,000, before dropping to less than $ 4,000 by the end of 2018.
The latest rally comes as some financial institutions are showing increased interest in Bitcoin as a financial asset, and its supporters argue that it is replacing gold as a store of value.
Said (Paulo Arduino) Paolo ArdoinoBitfinex Chief Technology Officer, Cryptocurrency Exchange: The number continues to rise, and we see a very bright future ahead for all Bitcoin owners.
With the US dollar reaching its lowest level since the spring of 2018, advocates of cryptocurrencies claim that they are protecting against inflation.
More may turn to Bitcoin, especially if governments continue to accumulate debt as central banks do their best to finance this borrowing through quantitative easing, zero interest rates, and bond yield manipulation.
The cryptocurrency received a boost from PayPal last fall, when the platform announced it was allowing customers to buy, sell and use the cryptocurrency.
Analysts said: This could lead to higher prices, by creating a shortage of supply, as Pal buys newly created Bitcoins.
There are more than 18 million Bitcoins, and the system includes a maximum of 21 million coins.
Yesterday’s latest record break came 12 years after the day Satoshi Nakamoto, the creator of Bitcoin, created the first entry in the blockchain record of Bitcoin.
Skeptics warn that the boom may not last, because Bitcoin has no intrinsic valueIts price is manipulated by a group of whales.
Happy birthday #Bitcoin
– jack (@jack) January 3, 2021