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Bitcoin Price Exceeded $16,000 For The First Time In Three Years

At 0:15 on November 13, Bitcoin officially broke through US$16,000 to US$16,157, setting a new three-year high.

The data shows that Bitcoin has risen by 123% so far this year, and has risen by nearly 50% this quarter.

The market generally believes that the recent surge in Bitcoin’s prices has been driven by the macro situation. The economic stimulus and quantitative easing policies launched by various countries in response to the new coronavirus epidemic are promoting further devaluation of legal currencies. In order to hedge against inflation, institutions have begun to increase their positions in cryptocurrencies. For example, institutions such as Grayscale Assets and Square, the US payment giant, have increased their positions in Bitcoin by a large margin recently.

Bitcoin

Kyle Davies, co-founder of Three Arrows Capital, said: “Against the backdrop of stimulus from the Federal Reserve, we expect investors holding cash to continue to allocate to Bitcoin.” He also He added: “The interest so far in 2020 has been primarily from institutions, and we could see more retail participation when this cryptocurrency breaks its previous all-time highs of $20,000.”

US billionaire investor Stanley Druckenmiller said on Monday that in the long run, Bitcoin will outperform gold.

Also read: Apple Pay Can Be Used To Buy Bitcoin

Analysts predict that the price of Bitcoin may stabilize for a short period of time. Then, it will break through $20,000 in December.

As a reminder, Bitcoin broke above that $14,000 on November 4. It rallied above $15,000 the next day. After a brief tumble last week, the token has resumed its upward trend.

Bitcoin’s History

Bitcoin is an encrypted currency that uses blockchain as a payment system. It was invented by Satoshi Nakamoto in 2009 based on a borderless peer-to-peer network using consensus-active open source software. Through encrypted digital signature, it is possible to solve the problems of electronic money such as multi-payment and transaction security without any third-party credit institution.

The supply of this cryptocurrency is limited to 21 million, and this number is expected to reach around 2140.

Despite the apparently high price of Bitcoin, the demand for this cryptocurrency is still growing significantly. The distribution map of holders shows that the number of investors holding 100 to 1,000 bitcoins has increased significantly.

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