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The record hunt for the digital currency Bitcoin continues.
Bitcoin, the oldest and most famous cryptocurrency, also passed the $ 23,000 mark on Thursday. A high of $ 23,777 was recorded on the Bitstamp trading platform. That is a record. Since the beginning of the week alone, Bitcoin has gained more than $ 5,000 in value.
In a longer comparison, the rise of the largest cryptocurrency by market share is even more impressive. The value of Bitcoin has almost multiplied by five since March, when it hit the low of $ 5,000. Other digital currencies like Ether or XRP were initially unable to follow the rise of Bitcoin. But in the end they also recovered.
Bitcoin has benefited from various developments for some time. More importantly, the general interest in digital currencies has increased again in recent months after a prolonged hiatus. The attention boost is also due to a kind of praise from PayPal. The great payment service wants to allow its customers to pay with Bitcoin and other cryptocurrencies.
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Last but not least, it is attributed to this event that more and more professional investors, such as large asset managers or family offices, are interested in the cryptocurrency market. Bitcoin fans hope this will result in less volatile price development of internet currencies, as professional investors tend to invest in assets for much longer than small investors.
However, so far, the hope of a calmer price development has not come true. A sharp rise in prices in November was followed by big ups and downs. Bitcoin is known for such price capers. Critics see this as the decisive reason why digital money is not suitable both as a means of payment and as an investment.
Digital currencies such as Bitcoin are likely to be among the beneficiaries of the corona pandemic: Due to extremely lax monetary policy by many central banks and the immense glut of money in the form of state aid, some investors fear high inflation to medium and long term. Some of these investors use Bitcoin as a hedge against high inflation, but many experts view it critically.
FRANKFURT (international awp)
