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Bitcoin’s value surpasses its highest level on record last year
The digital currency Bitcoin broke the $ 30,000 mark for the first time in its history, continuing the strong gains it has made in recent times.
And the virtual cryptocurrency registered a value of $ 30,823.30 exactly the thirteenth minute after one in the afternoon GMT on Saturday.
This came weeks after Bitcoin broke the $ 20,000 barrier for the first time in its history.
Over the past year, Bitcoin has risen in value four times what it was, backed by a large turnout of investors looking to make quick profits.
Analysts believe that Bitcoin will continue to appreciate as the dollar falls further.
The value of the dollar had risen in March with the start of the Corona epidemic, amid a protectionist trend by investors due to the prevailing uncertainty.
However, the value of the dollar fell again due to the huge fiscal stimulus provided by the Federal Reserve.
The dollar ended last year with its biggest annual loss since 2017.
Bitcoin is traded in the same way as real currencies like the US dollar and the British pound.
Bitcoin is increasingly being supported as an online payment method. PayPal is one of the largest online companies that uses digital currencies as a payment method.
However, the cryptocurrency has proven to be unstable in the commercial arena.
In 2017, Bitcoin had posted a remarkable record, which came close to breaking the $ 20,000 barrier. But it also fell to lows of less than $ 3,300 before that.
Last November, Bitcoin surpassed $ 19,000, before falling sharply.
And in October, the Governor of the Bank of England, Andrew Bailey, warned against using Bitcoin as a payment method.
Bayley said, “I have to be honest, it’s hard to see that Bitcoin possesses what we usually call intrinsic value,” adding, “Maybe its value was external, meaning that value comes from people’s appetite for Bitcoin.
Bailey said he was “very concerned” about people using Bitcoin as a payment method, noting that investors should realize that its price is very volatile.
