Bitcoin, the world’s largest cryptocurrency, topped $30,000 for the first time, just weeks after passing another major milestone.
The currency gained almost 6% on Saturday to reach nearly $31,000, before slipping back to about $30,800 as of 1:15 p.m. in London. It advanced almost 50% in December, when it breached $20,000 for the first time.
The latest gains top an eye-popping rally for the controversial digital asset in 2020, which rebounded sharply after a severe crash in March that saw it lose 25% amid the coronavirus pandemic.
Also read: Big tech bets and cryptocurrencies power 2020's top US funds
Bitcoin has increasingly been “embraced in more global investment portfolios as holders expand beyond tech geeks and speculators,” Bloomberg Intelligence commodity strategist Mike McGlone wrote in a note last month. Proponents have seized on the narrative that the coin could act as a store of wealth amid supposed rampant central-bank money printing, even as inflation remains mostly muted.
Bitcoin should eventually climb to about about $400,000, Scott Minerd, chief investment officer of Guggenheim Investments, told Bloomberg Television in a Dec. 16 interview.
Written by Alice Gledhill.
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