[ad_1]
Cryptocurrency mining equipment.
Photographer: Andrey Rudakov / Bloomberg
Photographer: Andrey Rudakov / Bloomberg
Bitcoin, the world’s largest cryptocurrency, topped $ 30,000 for the first time, just weeks after taking another major milestone.
The currency gained nearly 9% on Saturday to pass $ 31,800, before slipping slightly below that price. It rose nearly 50% in December, when it first crossed $ 20,000.
Latest wins exceed one Mind-blowing rally for the controversial digital asset in 2020, which rebounded strongly from a severe crash in March that saw it lose 25% amid the coronavirus pandemic.
The currency “will likely be on the $ 50,000 route in the first quarter of 2021,” said Antoni Trenchev, managing partner and co-founder of Nexo in London, which touts itself as the world’s largest crypto lender. Institutional investors returning to their desks this week are likely to increase prices further after the holiday retail purchase, he said.
Bitcoin has increasingly been “adopted into more global investment portfolios as holders expand beyond tech geeks and speculators,” wrote the commodities strategist at Bloomberg Intelligence Mike McGlone in a note last month. Supporters of the coin have also grasped the narrative that the coin could act as a store of wealth amid the supposedly rampant central bank money printing, even though inflation remains largely subdued.
Bitcoin is ultimately expected to climb to around $ 400,000, Scott Minerd, chief investment officer of Guggenheim Investments, told Bloomberg Television on December 16. interview.
Still, there are reasons to be cautious, in part because Bitcoin remains a lightly traded market. Currency fell as much as 14% on November 26 amid warnings that the asset class was behind for a correction. The sharp rise in prices in 2017 was followed by an 83% rout that lasted for a year.
Read more: Does Bitcoin Boom Mean Better Gold Or Bigger Bubble? QuickTake
(Updates pricing in second paragraph, comments in fourth and fifth paragraphs, and context in eighth paragraph)
[ad_2]
Source link