Bitcoin, the world’s most popular cryptocurrency has continued the strong rally till the end of this year, increasing to its new high which is over $28,500.On Wednesday, the cryptocurrency has gained greater than 5% and hit $28,572.Since early December, it has increased by 47%, and since 2019 May will be having its largest monthly gain.
With the growing interest from institutional investors, the value of Bitcoin has quadrupled this year. With the decline of the American dollar, Bitcoin has transformed into a very attractive investment in the middle of concerns that massive government relief packages due to the Covid-19 pandemic have the capability of fueling inflation. Across the United States, a larger package has more chances of passing if Biden replaces Trump as the president of the United States.
Bitcoin To Become More Mainstream In The Coming Days
Since 2018 April, when compared to other currencies, the US dollar declined to the lowest mark on Wednesday. With the rollout of the coronavirus vaccines next year, the currency of the US is under acute pressure as the investors are transferring to the riskier asset while betting on the strong recovery of the economy. On Wednesday, the vaccine produced by AstraZeneca and Oxford University got approved inside the United Kingdom. Bitcoin is expected of becoming a more popular and mainstream method of payment.
Paypal has already brought around 70% of the new bitcoin that is still in circulation by launching a new trading service of cryptocurrency inside its platform. Several managers of hedge funds have confessed that they have already invested cash in this cryptocurrency. The most popular cryptocurrency of this world is like an alternative to the traditional investment, gold. Since hitting its record highs of $2000/ounce during August, gold is going at a flat rate of $1879/ounce. A few analysts think that next year could be a battle for dominance between the BTC and gold.