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Cryptocurrency: Bitcoin Hits Above $20,000 For First Time Ever

Bitcoin exceeded $20,000 for the first time ever today, Wednesday 16th December, 2020, another milestone in what has been an eye-popping rally for the controversial digital asset this year.

The cryptocurrency jumped 4.5% to move as high as $20,440. It has gained more than 170% this year, buoyed by demand from larger investors attracted to its potential for quick gains, purported resistance to inflation and expectations it will become a mainstream payment method.

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The world’s largest cryptocurrency rose as much as 7% to $20,787 in New York on Wednesday, vindicating forecasts that were scoffed at months ago and leading to even higher prognostications. Bitcoin has almost tripled this year.

“We have a new line in the sand and the focus shifts to the next round number of $30,000,” said Antoni Trenchev, co-founder and managing partner of Nexo, a crypto lender. This “is the start of a new chapter for Bitcoin. It’s a narrative the media and retail crowd can properly latch onto because they’ve been noticeably absent from this rally.”

Reuters Graphic

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