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The cryptocurrency has exploded and has reached a value of more than 163,000 crowns.
NEW YORK (Nettavisen): The cryptocurrency Bitcoin took a sharp jump on Wednesday and jumped to its highest value in three years.
According to CNBC, the price of Bitcoin rose as much as 8.6 percent on Wednesday after the stock market opened, and therefore Bitcoin was worth $ 18,172, or around 163,000 NOK.
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This is the highest value of Bitcoin since December 20, 2017. The value of Bitcoin is approaching its peak, which was reached in late 2017, when one Bitcoin was worth $ 19,783.
But then came the recession. After the bubble burst, Bitcoin fell to just $ 3,122 later in 2018.
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– It can reach 55-60,000 dollars
So far in 2020, however, Bitcoin has risen as much as 150 percent, CNBC reports. In the last month, Bitcoin has gone from about $ 12,000 to about $ 18,000. The market value of Bitcoin is also higher now than when it peaked in 2017.
And according to Galaxy Digital CEO Michael Novogratz, this is just the beginning of the recovery.
He anticipates that Bitcoin may hit values like $ 55 and $ 60,000 by next year, because he claims that Bitcoin is increasingly replacing gold in investors’ portfolios, writes CNBC.
Read more: Bitcoin can multiply by ten in record time
Supporters of the cryptocurrency also believe that things have changed since Bitcoin last peaked. They refer, among other things, to changes in companies such as Fidelity Investments, Square and PayPal. CNBC writes that PayPal recently allowed its users to buy, hold, and sell cryptocurrencies, and PayPal will also make arrangements to trade cryptocurrencies next year.
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PayPal has 26 million users, and they will be open to buy and sell with cryptocurrencies such as Bitcoin, Etherum, Bitcoin Cash, and Litecoin.
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As of 9:00 p.m. on Wednesday, Bitcoin has dropped back below $ 18,000 and is now hovering around $ 17,700.
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