Bitcoin at a New All-Time High, Rallies to $22.2k
The Bitcoin price, on Dec 16, broke above $20k. It is now at a new all-time of over $22.2k, two years after sinking to $3.2k, and exactly three years after rallying to $19,873 on Dec 17, 2017. A historic development, it reaffirms the status of Bitcoin as an on-demand asset sought by investors of all grades.
The rise and rise of Bitcoin in 2020 is due to the effects of the novel coronavirus pandemic. It caused a Domino effect; forcing governments to not only air-drop cash but also slash interest rates to record lows. With helicopter money, inflation is inevitable. Now the investment community is rushing to havens like Bitcoin. Bitcoin is a store of value comparable to gold but is digital and therefore attractive. In the past two weeks alone, more public funds have been allocating a portion of their billions for Bitcoin as an investment strategy, spurring more demand.
Impact on the BTC Price:
Bullish. Unlike in 2017, the Bitcoin price is being propped by institutions. They have been sinking millions to an asset deemed by leading hedge fund managers as undervalued vis-a-vis the valuation of gold and equities.
More market updates on our Blog