Bitcoin is consolidating its high worth after trading at $33,365 in Asia this morning, after reaching a record high of $34,800 on Sunday.
The value of the cryptocurrency has gone up around 800 per cent since mid-March 2020, and hit the $20,000 mark in mid-December 2020.
Bitcoin’s supply is capped at 21 million, and some financial analysts see it as an alternative to gold as a safe investment in times of uncertainty.
Bank of Singapore currency analyst Moh Siong Sim told Reuters: “It seems like people are preferring Bitcoin as an expression of concern over currency debasement [including that of the dollar], relative to gold.”
With Open Banking taking off, a number of new FinTechs are also integrating Bitcoin and other cryptocurrencies into their trading, investments and payments platforms.
PayPal has also opened its network to cryptocurrencies.
One of the largest Bitcoin exchanges is Coinbase, which is now preparing to go public in the US.
Ethereum, which is the second-largest traded cryptocurrency, saw its worth reach the record value of $1,014 yesterday.
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