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Bitcoin rallies above $30,000 for first time

Published 01/02/2021, 10:22 AM
Updated 01/03/2021, 08:15 AM
© Reuters. FILE PHOTO: A representation of virtual currency Bitcoin is seen in front of a stock graph

© Reuters. FILE PHOTO: A representation of virtual currency Bitcoin is seen in front of a stock graph

By Alden Bentley

(Reuters) - Digital currency Bitcoin extended its record-smashing rally on Saturday, beginning the year with a surge over $30,000 for the first time, with ever more traders and investors betting that it is on its way to becoming a mainstream payment method.

The price of the world's most popular cryptocurrency traded as high as $33,099 on Saturday, with almost all other markets closed over the first weekend in 2021. It was last up about 12% at $32,883.

Bitcoin advanced more than 300% in 2020, and with the latest leg higher has added more than 50% since crossing $20,000 just two weeks ago.

The blockchain currency has only been around for a decade or so, and in 2020 it has seen demand grow from larger U.S. investors, attracted by its perceived inflation-hedging qualities and potential for quick gains, as well as expectations it would become a mainstream payments method.

Investors said limited supply of bitcoin - produced by so-called "mining" computers that validate blocks of transactions by competing to solve mathematical puzzles - has helped power upward moves over recent days.

Some also saw it as a safe-haven play during the COVID-19 pandemic, akin to gold.

"It's very likely that the asset will eventually pass $100,000 per coin," Sergey Nazarov, cofounder of Chainlink, a global blockchain project, wrote in an email on Saturday. "People have been steadily losing faith in their government currencies for years, and the monetary policies resulting from the economic impact of the coronavirus have only accelerated this decline."

It trades on numerous exchanges, the largest of which is Coinbase, which is itself preparing to go public to become the first major U.S. cryptocurrency exchange to list on Wall Street.

Multiple competitor cryptocurrencies use similar blockchain, or electronic ledger, technology. Ethereum, the second biggest, gained 465% in 2020 and was up almost 7% on Saturday.

© Reuters. FILE PHOTO: A representation of virtual currency Bitcoin is seen in front of a stock graph

(The story corrects paragraph 8 to clarify reference to Coinbase listing.)

Latest comments

Bubble
we'll bubble or not something is going Up soon XRP to watch next
we'll bubble or not something is going Up soon XRP to watch next
$ 15k target
*150k
Now correction needed
Can only go up : if there is a sharp decline all the prophets of bitcoin doom will be forever right and it will be the end , and there is no way that this manipulative money cow will be put to pasture by the manipulators
If the GDP economy is growing at -- 5% , it will not absorb the dollar printing of + 45%...Most of the money goes into stocks. Some, goes to more expensive homes and cars and boats. Money which otherwise would go to travel and leisure . . lots of that money goes to cryptocurrencies.as a time for gambling. Cryptos , like casino gambling is here to stay.and eventually it will become a collector's item.
Biggest Scam in the world, people giving value over a set of numbers and faking a story to try to Mae it valuable
Biggest scam is still without a doubt christianity , biggest ponzi scheme ever
Lol please tell me how u see it as a scam
 me or the bitcoin comment ?
They keep saying its going to 1M so more people join the rally no wonder they wanted Elon to buy it so they can jack the price higher and dump it later
So long story short crypto will be like illicit drugs such as cocaine heroin meth to pharmaceutical grade drugs. Governments have Fiat... the alternative to that is this new crypto World essentially....does this old timer have it right....and if so how exactly does that fundamentally change anything? 🤔 when does the Revolution "legalization" ....take place.... if it's going to be as long as it took cannabis well good luck to you...🙄
senseless
Once governments decide to eliminate physical cash and create a digital currency, like Sweden is doing, to control what you buy and how it is spent, the demand for crypto will rise.
its happening now in Sweden?
sort of. https://www.google.com/amp/s/sweden.se/business/cashless-society/amp/
Except that I ternstional Agreements will allow governments to seize and tax crypto accounts. Wait till they start to "confiscate" crypto for Democrat/Biden/Harris wealth redistribution. Then you will see an EPIC sell-off. In crypto. The ONLY way to protect your wealth from the fiat jockeys is physical goods, well-hidden.
50000
ALSO: fiat currencies are biggest scam in human history, because it takes few pennies to print $100 bill (or even $600 stimulus check)!!!! Not a single business on this planet can compare in profitability with money printing business.
reza
many
I remember when Bitcoin was 20 k in the past. People got greedy and were thinking of 100 k. Then all of a sudden  4,5 k. If you are in profit, take it
I remember when bitcoin was 100, people were greedy... And today it's 32000!!!!
and EGLD with its 21 M coins may beat the bitcoin for me as it's highly scalable, fast and secure blockchain platform for distributed apps, enterprise use cases and the new internet economy. On 20 nov A massive interoperability step is unlocked through our integration with @PolyNetwork2 . Wrapped #Bitcoin , #ETH, #ONT, #NEO and #ATOM will become available on the Elrond blockchain. ^^  Source : all from Twitter. This is not an advice to buy or sell any crypto. This is my only point of vue and my ideas. Please invest carefully and do your own researches.
The last tweet from Elrond teams 7h ago : "We have crossed 2020’s finish line with a ********sprint: the mainnet release candidate is online & under heavy testing! All the necessary ingredients are in place for an explosive start in 2021. Weekly #elrondtech"
let's wait for other news and see what the future may bring
Biggest ponzi scheme I’ve ever seen.
We know and it's also died so many times.
current world banking system is biggest ponzi scheme!
yes its goin to keep goin. up. just 1.00 thats all and you should want
I already bought it when it was at 29,000. Should i take the profit now or wait?
Sell imediately....
Wait for 9-10 months. Buy silver with it then.
it's moving upward at 90 angle and it will fell down what's right place to buy it
Low float plus collusion of exchanges and voila!! Lookout below
It’s gonna crash!
This rally shows 3 important things: the US dollar collapse as a mayor currency, strong hands getting into the business and the shorter's squeeze. Also shows how it became a bubble. Keep it until the dump.
Crypto Currencies are not standalone (independent) currencies. They are only priced (not valued) in inflated fiat currency. And the more the U.S. dollar is created out of thin air the higher this delusion of value rises along with it. It is however, an excellent escape goat to hide inflation. Be careful! All balloons eventually burst.
Who flies high, falls low...
Who flies high, falls low...
Investing
will it effect on us market or Nifty 50 indian market
Yes it will, but not directly. Keep an eye out for all other factors
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