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Photographer: Andrey Rudakov / Bloomberg
Photographer: Andrey Rudakov / Bloomberg
Bitcoin, the world’s largest cryptocurrency, reached $ 30,000 for the first time, a few weeks after reaching another important milestone.
The currency gained nearly 9% on Saturday to pass $ 31,800, before falling slightly below that price. It rose nearly 50% in December, when it first exceeded $ 20,000.
The latest gain is a striking rally for the controversial digital asset in 2020, which bounced back sharply after a serious crash in March that left it losing 25% amid the coronavirus pandemic.
The currency “is likely to rise to $ 50,000 in the first quarter of 2021,” said Antoni Trenchev, managing partner and co-founder of Nexo in London, which considers itself the world’s largest crypto-lender. Institutional investors returning to their desks this week are likely to raise prices further after retail purchases during the holidays.
Bitcoin is increasingly “embraced in more global investment portfolios as containers expand beyond tech geeks and speculators,” Bloomberg Intelligence trading strategist Mike McGlone wrote in a note last month. Proponents of her case have been working to make the actual transcript of this statement available online.
Bitcoin would eventually have to climb to about $ 400,000, Scott Minerd, chief investment officer at Guggenheim Investments, told Bloomberg Television on December 16. maintenance.
After all, there are reasons to be cautious, in part because Bitcoin remains a thinly traded market. The currency dropped to 14% on November 26 amid warnings that the asset class was in arrears with a correction. The big start-up in 2017 was followed by an 83% route that lasted a year.
Read more: Does Bitcoin Boom mean ‘better gold’ or bigger bubble? Quick recording
(Price updates in second paragraph, comments in fourth and fifth paragraphs and context in eighth paragraph)