Bitcoin has only reached another milestone in its impressive 2020 run. The cryptocurrency increased by 9 percent to a new all-time high of about $19,860 on Monday and by December 2017 to a top of the previous peak of $19,783.
For Bitcoin, it has been a wild year, which since the end of 2019 has been rising more than 175%. In March, prices fell below $4000, as the world markets collapsed because of the economic crisis of Covid-19.
But in the past few months, Bitcoin has rallied sharply because the dollar has fallen. Cryptocurrency has also jumped into the mainstream, crucially.
Square (SQ) and PayPal (PYPL) Payments Giants both now permit their customers to purchase and sell bitcoin. Money management giant Fidelity is setting up a Bitcoin fund for rich investors. Future contracts with Bitcoin are still traded on the Chicago Mercantile Exchange.
The leading investor managers of the company are Paul Tudor Jones, Stanley Druckenmiller and Mike Novogratz. In other words, the days when Bitcoin is seen as an investment on the fringe have ended. The cryptocurrency became legitimate.
Bitcoin has also recently been boosted by a high-level strategist at BlackRock (BLK), the biggest asset management company worldwide. Bitcoin suggested that one day, bitcoin could change gold as a safe haven.
So will Bitcoin rises above $20000?