Bitcoin continues surge, breaches US$23,000 per token

Publish date: Fri, 18 Dec 2020, 12:42 PM
BITCOIN breached US$23,000 for the first time in history as more Wall Street names crowd into the world's largest digital currency up 220 per cent this year.
 
As momentum builds, analysts predict more gains ahead.
 
The digital coin jumped more than nine per cent on Thursday, touching a high of US$23,256.92, according to a composite of prices compiled by Bloomberg. Bitcoin and the wider Bloomberg Galaxy Crypto Index have both more than tripled this year.
 
Cryptocurrency-linked stocks in South Korea, Japan and China climbed. 
 
The rally in digital assets is polarising opinion, given Bitcoin's history of boom and bust. Proponents argue the cryptocurrency is muscling in on gold as a portfolio diversifier amid dollar weakness and potential inflationary pressure. Others see speculative fervour that will inevitably lead to a bust akin to the meltdown three years ago after a furious Bitcoin rally.
 
Yet there are signs that longer term investors like asset managers and family offices are playing more of a role this time around, alongside trend-following quant funds.
 
Bitcoin's scarcity combined with "rampant money printing" by the US Federal Reserve mean the digital token should eventually climb to about US$400,000, Scott Minerd, the chief investment officer at Guggenheim Investments, said on Bloomberg TV on Wednesday.
 
 - Bloomberg
 

 

Discussions
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Kukuman

Great opportunity.. Today price is USD23,700 per bitcoin. Bitcoin has given better return then any stock in malaysia. See you at USD300,000 per bitcoin by end of 2021 !

2020-12-23 22:55

papakuching

What goes up will have to come down. Exercise extreme cautions

2020-12-26 15:27

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