You may remember a few years ago when the price of bitcoin flew to $20,000. It didn’t stay there for long and retreated below $4,000. In the years since, bitcoin has been hovering around the $10,000 mark but with the US election going to the wire, the price of bitcoin has jumped to more than $15,390.
The last major milestone that bitcoin reached was $10,000 which it achieved in June last year for the first since the price went below $4,000 in 2018. It’ll be interesting to watch going forward if it manages to hit its previous high of $20,000 and surpass it even further as many of its proponents believe it will.
Opponents of cryptocurrencies believe that bitcoin and other cryptos will be here today and gone tomorrow, however, recently they’ve begun to get some mainstream acceptance. Just last month, PayPal announced that it will soon give users the ability to buy, hold and sell cryptocurrencies from within PayPal. For the first time ever, this makes them accessible to the general public.
Another interesting observation that has been made concerning bitcoin this year is that it appears to closely track the stock markets. Back when the lockdowns were announced in March, the price fell with the markets and today the price rose as the stock markets picked up; this is in contrast to gold which usually maintains its value during a crisis.