Bitcoin traded at $ 33,365 in Asia on Monday, hitting a record high of 34,800 on Sunday as investors bet on digital currency to become a mainstream asset.
The latest milestone in the world’s most popular cryptocurrency came on December 16, less than three weeks after it first crossed 20,000, and the bitcoin has risen 800 percent since mid-March. With the supply of bitcoin limited to 21 million, some see it as a hedge to avoid the risk of inflation as governments and the central bank activate stimulus taps in response to COVID-19 epidemics. Some even see it as a safe haven during the CoVID-19 epidemic.
“Some of this reflects fears of a weaker dollar,”
Mohd Seven Sim | Aanalyst at the Bank of Singapore
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“People seem to be preferring the bitcoin over gold, as an expression of concern over the depreciation of the currency.” Bitcoin’s advance also reflects growing expectations that it will become a mainstream payment method. With PayPal opening its network to cryptocurrencies. The prospect of immediate gains has attracted large US investors as well as traders who generally hold on to equities.
“The rally gained even more momentum as insatiable investors continued trading from home”
Executive Director | Hong Kong | BC Group
Institutional investors see the potential for greater risk-adjusted returns than traditional investments, he said.
Bitcoin trades on a number of exchanges, one of which is the largest coin base. It is preparing to become the first major US cryptocurrency exchange to be listed on Wall Street. Multiple competing cryptocurrencies use similar blockchain, or electronic ledger, technology. On Tuesday, Ethereum shot to a record $1,014 on Sunday.
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