Cryptocurrencies are divisive subject.
You’re either all in on the “future of currency” or you think it’s just another fad for nerds, that will eventually blow over. But, either way you look at it, bitcoin doesn’t seem to be blowing over anytime soon. Quite the opposite in fact.
Yesterday, the popular cryptocurrency broke through $20,000 per coin for the first time ever and continued marching higher. The digital dollar reached at least $20,800, and showed no signs of slowing down, and has marched to over $23,300 already today!
As of today, Bitcoin has increased nearly 230% this year as large and small investors jumped onboard. Large investors are adding the cryptocurrency to their portfolios through investment banks, while small investors can now buy bitcoin through companies like Square (SQ) accounts, PayPal (PYPL), both of which have recently gotten behind the digital currencies, with Square CEO Jack Dorsey even saying he believes cryptocurrency will become a “single currency” in the future.
In fact, Further endorsement of the currency, could drive bitcoin even further according to Scott Freeman, co-founder & partner at trading firm JST Capital.
“Many of our clients have been expecting bitcoin to surpass its all-time high of $20,000 given the recent news from major institutional players like SGX and MassMutual openly endorsing bitcoin.”
With more people buying Bitcoin and socking it away, the limited-supply currency has even less availability in the face of rising demand, which puts pressure on the price to go even higher.