Bitcoin’s Moment
Bitcoin’s climb past the $100,000 mark is a watershed moment in the evolution of crypto-currencies, symbolising their growing acceptance as a legitimate asset class.
A day after Paypal’s co-founder Peter Thiel called Bitcoin a Chinese financial weapon, the cryptocurrency jumped nearly 5 per cent to rise over $60,000 mark on Saturday.
Tiel made the comments during his address at a virtual event held for the members of the Richard Nixon Foundation. He added that he wonders at this point BTS should also be considered as a part of China’s financial weapon against the US.
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After hitting a high of $61,000 earlier in the day, Bitcoin was trading at $60,561.01 in the evening hours, up by 4.6 per cent with a market cap of $1.13 trillion.
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The digital currency had hit a record high of $60,000 for the first time on March 13.
The latest surge in Bitcoin’s value can be attributed to Bloomberg’s report that stated the value of the cryptocurrency could soar as high as $4,00,000 this year.
“Bitcoin on similar ground as the roughly 55x gain in 2013 and 15x in 2017. To reach price extremes akin to those years in 2021, the crypto would approach $4,00,000, based on the regression since 2011 high,” stated Bloomberg report.
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