Bitcoin has reached a record high of more than $22,000 USD.
As of writing, its value has reached $22,240 USD, marking an increase of roughly $2,800 USD in the course of just a single day. On Wednesday alone, the cyrptocurrency surged by 6 percent to slightly above $20,000 USD, continuing a trend of immense growth since the beginning of the year, which now tallies up to more than 400 percent.
According to analysts who spoke to The Guardian, the latest surge in pricing is largely due to increased interest from institutional investors. “They’re being attracted by the good returns that the digital asset class is currently offering but, more importantly, by the huge future potential it offers,” remarks Nigel Green, CEO of deVere Group, a company which runs a crypto exchange. “As some of the world’s biggest institutions – among them multinational payment companies and Wall Street giants – pile ever more into crypto, bringing with them their enormous expertise and capital, this in turn swells consumer interest.”
The last time Bitcoin neared the $20,000 USD mark was back in 2017, when the cryptocurrency rose by more than 900 percent that year by the middle of December. At the time, various financial experts and economists warned of a price bubble comparable to that of the Dutch tulip mania in the 1600s, and by February of 2018, the price of Bitcoin had plummeted back down below $7,000 USD.
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