Bitcoin Surges Past $34,000 Early Sunday
The cryptocurrency has been rapidly increasing in price since early 2020, with its price increasing more than 300 percent. Investors and traders believe that it will become the main form of payment in the future. The price of Bitcoin climbed as high as $34,803.73 early Sunday morning. As of 11:35 AM EST, the price of Bitcoin was trading at $33,447.12.
The pandemic has brought significant changes to economic outlooks and with that, investing. Blockchain is a relatively new technology with its origins dating back to around 10 years. Investors are interested in the cryptocurrency due to the inflation protections it provides and significant upside. Furthermore, Bitcoin bulls are convinced that it will become the main payment method.
“It’s very likely that the asset will eventually pass $100,000 per coin,” said Sergey Nazarov, cofounder of Chainlink, a global blockchain project. “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.”
Bitcoin has proved to be extremely volatile. Back in 2017, the cryptocurrency surged to around $20,000 before losing around 60 percent of its value in the following months.
If you interested in getting into bitcoin, but don't have several hundred thousand dollars laying around, one share of the Grayscale Bitcoin Trust (GBTC) is trading around 1,000 the price of a single bitcoin.