Cryptocurrency mining hardware.
Photographer: Andrey Rudakov / Bloomberg
Photographer: Andrey Rudakov / Bloomberg
Bitcoin, the world’s largest cryptocurrency, topped $ 30,000 for the first time, just weeks after surpassing another major milestone.
The currency gained nearly 9% on Saturday to $ 31,800, before falling slightly below that price. It advanced nearly 50% in December, when it defaulted on $ 20,000 for the first time.
Recent earnings exceed one spectacular concentration for the controversial digital asset in 2020, which rebounded sharply after a serious accident in March that saw it lose 25% amid the coronavirus pandemic.
The currency “will be on its way to $ 50,000 probably in the first quarter of 2021,” said Antoni Trenchev, managing partner and co-founder of Nexo in London, which is billed as the world’s largest cryptocurrency provider. Institutional investors returning to their desks this week are likely to raise prices after buying retail during the holidays, he said.
Bitcoin has been increasingly “embraced in more global investment portfolios as headlines expand beyond geeks and tech speculators,” the commodity strategy of the intelligence wrote in a note last month. license of Bloomberg, Mike McGlone. Proponents of the currency have also taken hold of the narrative that the currency could act as a storehouse of wealth amid a supposed print of money from central banks, even if inflation remains largely off.
Bitcoin is expected to rise to about $ 400,000, Scott Minerd, chief investment officer at Guggenheim Investments, told Bloomberg Television on Dec. 16. interview.
Still, there are reasons to be cautious, in part, as Bitcoin remains a traded market. The currency it plummeted to 14% on Nov. 26 amid warnings that the asset class had delayed a correction. The large accumulation of prices in 2017 was followed by an 83% defeat that lasted a year.
Read more: Does Bitcoin Boom mean “better gold” or bigger bubble? QuickTake
(Price update in the second paragraph, comment in the fourth and fifth paragraphs and context in the eighth paragraph)