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Bitcoin, the world’s largest cryptocurrency, surpassed $ 30,000 for the first time, just weeks after passing another major milestone.
The coin gained nearly 6% on Saturday to hit nearly $ 31,000, before falling back to around $ 30,800 at 1:15 pm in London. It advanced nearly 50% in December, when it topped $ 20,000 for the first time.
The latest gains top a surprising rebound for the controversial digital asset in 2020, which rebounded sharply after a severe slide in March that saw it lose 25% amid the coronavirus pandemic.
Bitcoin has been increasingly “adopted into more global investment portfolios as holders expand beyond tech geeks and speculators,” Bloomberg Intelligence commodity strategist Mike McGlone wrote in a note last month. past.
Proponents have gotten hold of the narrative that the currency could act as a storehouse of wealth amid supposedly rampant printing of money from the central bank, even as inflation remains for the most part off.
Bitcoin should eventually rise to around $ 400,000, Scott Minerd, chief investment officer at Guggenheim Investments, told Bloomberg Television in an interview on Dec. 16.
