BTC is Back

Bitcoin Hits a Record High

Posted Tuesday, December 1, 2020 by
Rowan Crosby • 2 min read

Bitcoin is officially back today after the worlds leading cryptocurrency hit a record high level.

Price continues to push towards the $20,000 level, having rebounded from the lows of $4,000, after reaching the $19,700 level in 2017 amidst the first real Bitcoin boom.

Proponents of BTC, are well and truly stating that ‘this time is different’, and that the types of investors that are involved in the second coming of Bitcoin are this time more educated and sophisticated.

On the first big run, Bitcoin was a largely unknown product, with a small group of early adopters and speculators driving up the price. As mentioned, this all came crashing down and price fell some 70% from the highs.

This time there are some more factors at play that weren’t around last time.

There are far more institutional and sophisticate investors that are interested in the entire space. It is clear for all to see that the money printing and stimulus that central banks are providing is an unsustainable measure. These people and Governments largely have no plans to pay back any debt and ultimately this could lead to a change towards digital currencies. The big news this year was PayPal, perhaps the worlds biggest payment processor will be adopting cryptocurrencies. This is a sure-fire sign that these alternative payments forms are here to stay.

We already know that central banks and Governments want to get rid of physical cash, so they can more effectively tax the broader population.

For now, we do have two types of players. Those looking to hedge against the Government and central bankers in what is a type of GOLD alternative. As well as those who see that there is a practical component.

Regardless, Bitcoin is back at the highs and now we will be watching the $20,000 level very closely.

That said, while Bitcoin is at the highs, the smaller coins such as ETH, LTC and XRP are still well off record-high levels.

BTC – 240min.
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