Bitcoin passes $30,000 for first time

Bitcoin, the leading virtual currency, saw its price pass $30,000 on Saturday for the first time in just its latest record high. The first decentralised cryptocurrency surpassed $30,823.30, according to data compiled by the Bloomberg news agency, having broken $20,000 on December 16. Analyst Timo Emden noted that “the appetite for risk”, which is reflected in buying of bitcoin, remains unshakeable. “More historic highs could follow,” the Germany-based analyst added. Just 12-years old, bitcoin has seen a meteoric rise since March, when it stood at $5,000, spurred by online payments giant PayPal saying it would enable account holders to use cryptocurrency. After PayPal’s announcement in October, analysts at investment banking giant JPMorgan Chase compared the cryptocurrency to gold. “Bitcoin could compete more intensely with gold as an ‘alternative’ currency over the coming years given that millennials will become over time a more important component of investors’ universe,” they said.

Published in The Express Tribune, January 3^rd, 2021.

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