Bitcoin tops $30,000 for the first time
Bitcoin has topped $30,000 for the first time, extending a rally that saw its value climb by 300% in 2020.
The cryptocurrency rose to as high as $31,824 early on Saturday – just two weeks after passing the $20,000 mark
On Saturday, January 2nd, Bitcoin rose to $31,824 as more and more traders began to invest in it.
Many believe that Bitcoin could now emerge as a mainstream payment method following the global
Some used it has a safe haven during the volitility of the pandemic last year – causing it to surge in value.
By mid-December it had risen in value to $20,000. The origins of Bitcoin mean there’s a finite supply so,
similar to gold, it can’t be changed by inflationary measures like quantitative easing. What’s more, because
bitcoin is decentralised, it doesn’t come under the control of any one government or entity.
Bitcoin is just one of a range of cryptocurrencies, but it is the most well-known.
While proponents say it could rise as high as $100,000, others dismiss this as highly unlikely.
Bank of England governor Andrew Bailey recently said that anyone investing in Bitcoin should be prepared
to ‘lose all their money’. At time of writing, Bitcoin had dropped back down to £21,933 again.