Bitcoin reaches three year high of more than $19k
The price of bitcoin has coin has gone up and up and up, and for the first time since 2017 we are set to hit new heights and maybe even breaks the $20k
We told you to buy back in the summer and in recent months. Just look at what has happened from November the price has surged almost 40% and is up about 160% this year alone. The last time we hit $20k it then crashed in price. But this time round it is not FOMO buyers that have sent the value of bitcoin and alt coins up, it has been investments from hedge funds, private investors and long term investment programmes, and then there is Square and Paypal coming into the space in a big way and rumours are they have been buying up every spare bitcoin that is on the market.
Its estimated that Paypal have bought nearly 70% of all new bitcoins in circulation.
2020 has seen the halving of bitcoin for the miners, along with markets crashing and covid19 more and more people are seeing this as a safe haven for long term investments.
The question we are often asked is “Is bitcoin here to stay?!” history is a telling sign, people forget we are only just 10 years old and the technology that we have in place is years ahead of what people understand or are used to using. So yes is the answer, as more and more people get to understand about what crypto is and blockchain it is here to stay. The current banking sector is so far out of date with the way they operate, with their fees and time frames on transactions. The general public are getting aware that there are faster systems that operate around them as crypto is 24/7/365 which is unlike most banks that still expect people to operate around them and their out of date opening times and poor customer service.
Where do we go next? Time will tell, but for the long term we are in a great position, yes you might have missed out buying bitcoin at $10k but you have the chance to buy it now!
Article by Owner of The London Crypto Exchange.