Bitcoin in digital currency surged above $ 30,000 for the first time on Saturday. And the strong progress of the cryptocurrency doesn’t seem to be coming to an end for the time being. After reaching the milestone, the currency’s value rose to around $ 30,500 almost immediately in the early afternoon.
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It is likely that more and more money managers will make a profit on crypto coins. PayPal customers can also pay with Bitcoins. This raises hope that cryptocurrencies will become more interesting for the general public.
In addition, government and central bank support means there is so much money available that more and more money is being put into riskier assets. After all, there is a group of people who expect bitcoins like gold to be a good investment because they are not prone to things like inflation.
The current progress started last year. The digital currency then roughly quadrupled, according to Coinmarketcap, which oversees various exchanges where the crypto coin is traded.
It was a year of ups and downs. Under the pressure of the first corona wave, the Bitcoin price initially fell below USD 5,000. After that, the price rose. It was especially fast from autumn onwards. Its value has more than doubled since mid-October.
Bitcoin was introduced in early 2009 and was only worth a few cents back then. At the end of 2017, the currency hit a high of almost $ 20,000. But then the crypto bubble exploded and the coins quickly lost value. Bitcoin was worth around $ 4,000 as of mid-2018.
Crypto coins had a shadowy image for years. Because they allow anonymous payments, they are also a popular tool for money laundering by criminals and other malicious individuals.