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The price of Bitcoin broke the $ 20,000 mark on the 16th, setting a new record since its inception 12 years ago. As Bitcoin has gained recognition from more and more professional investment institutions, the price of Bitcoin has almost tripled since the beginning of this year, returning to the prosperous period of 2017, once again becoming the focus of attention of the global market. .
According to the CoinDesk quote, at 9:42 pm on December 16, Taipei time, Bitcoin reported $ 20,136.28, which was the first time in history to exceed $ 20,000. At 7:29 AM Taipei time on December 17, Bitcoin reported $ 21,321.60, a cumulative increase of 197.34% since the beginning of the year.
The Wall Street Journal, CNBC and other foreign outlets reported that after several years of development, many well-known investors and investment institutions have continued to invest in Bitcoin, including renowned Wall Street hedging managers Paul Tudor Jones and Stanley Druckenmiller, and MassMutual. Insurance (MassMutual), third-party payment service provider Square, and other large companies.
Charles Hayter, CEO of CryptoCompare, a cryptocurrency market data provider, told CNBC that the addition of bitcoin to investment portfolios by asset managers is like a domino effect, driving up the prices of bitcoin.
In 2017, the price of Bitcoin showed a staggering rise, approaching $ 20,000 at a time, but then fell sharply the following year, plummeting to around $ 3,000. However, crypto bulls believe that the situation in 2020 is different than in 2017 because this year’s surge is driven by large institutions rather than speculative retail investors.
Yoni Assia, CEO of eToro, an online investment platform, said: “$ 20,000 is certainly a major milestone for Bitcoin.” “We have seen a significant shift in the distribution of investors interested and investing in cryptocurrencies, and we are no longer limited to tech and finance freaks. FinTech advocate.”
On the other hand, the report noted that the price of Bitcoin has risen sharply recently, as with other assets, one of the reasons is the depreciation of the US dollar. With the Federal Reserve (Fed) aggressively cutting interest rates and hoping to keep interest rates low until 2023, investors began looking for alternative assets to hedge against the depreciation of the dollar.
(This article has been reprinted with permission from MoneyDJ News; the source of the first image: shutterstock)
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