Back in late 2017, it looked like Bitcoin was on track to cut $ 20,000, but it didn’t fully arrive. Even worse for Bitcoin investors, the digital currency went on a downward spiral of all kinds as the entire crypto-market softened – by February 2018, it had dropped to less than $ 7,000. And now? It has finally cracked the $ 20,000 mark in a remarkable surge, and who knows where it will stop.
At the time of writing, Bitcoin is trading at $ 20,737.03. This is the first time he has ever passed the $ 20,000 mark. Its value has almost tripled in 2020. This does not detract from the fact that cryptocurrency is highly volatile – it reinforces that idea. But it also underscores Bitcoin’s long-term resilience.
This latest rise in value comes on the heels of a steep fall during the Coronavirus pandemic, where Bitcoin fell about 25 percent. So what’s at the heart of Bitcoin’s rebound, and a somewhat surprising surge to new heights while the pandemic continues to rush forward? Heck, last month, US authorities seized $ 1 billion in Bitcoin linked to the Silk Road dark web market.
Nobody cares about that, apparently. We reflected on Bitcoin’s rise a few weeks ago, noting that one contributing factor is that PayPal decides to embrace the digital currency. PayPal announced in October that it would begin accepting Bitcoin payments, which, as time spurred, the currency’s price to rise. However, it is highly unlikely that PayPal is the sole driving force.
Square clients recently grabbed almost half of the new Bitcoin that came into the market, and that seems to be playing a role as well. And there have been some prominent investors who have recently bought into the digital currency, such as Stanley Freeman Druckenmiller, who recently noted CNBC “If the gold bet works, the Bitcoin bet will work better.”
The long game will decide if it’s okay. At the moment, it is hard to argue against its coverage, or Bitcoin, which continues to climb.