Bitcoin rose to high record crossing the $24,000-mark on Monday led by surging interest in the cryptocurrency from both institutional and retail investors
For the first time, the digital currency breached the $23, 000 for the first time on December 17
This year Bitcoin gained more than 233% on increased demand from larger investors for quick gains
With PayPal opening its network to cryptocurrencies, it will become a mainstream method of payment
Jefferies Grees fear report dated December 18 stated that Bitcoin had become investable for institutions and with prominent investors declaring that they had bought it. “In that respect, “Jefferies report said, “Bitcoin has now became part of the systems with opportunities also for retail investors to buy into it.”
“There will be search for alternative currencies due to constant fiat money debasement,” Deutsche Bank experts wrote on a letter. He added that Bitcoin would continue to be in high demand.
As Governments and Central Bank responded to the COVID-19 pandemic, the investors sees a risk of inflation of cryptocurrency when bitcoin’s supply capped at $21 Million
The cryptocurrency jumped 3.1% to touch an all-time peak of $24,273