Bitcoin Takes a U-Turn, Scales Over $28.5K

After a temporary decline yesterday, the 29th of December, 2020 , following its record breaking breakthrough since its inception in 2009, BTC has recommenced what it is best known for- scaling torrentially. It has established a newly fangled all-time high of $28,579.59 today the 30th of December, 2020.

The leading crypto and even overall leading currency, BTC (+2.28%), has scaled by over 295% this year up to date. The digital gold outdid its own record of $28,352.63 in the wee hours of today before declining to $27,772.99.

Many continue to wonder why BTC seems to be the choice currency globally. Crypto proponents have come up with reasons that the recent worldwide adoption of BTC is due to its endorsement by Institutional investors like Guggenheim (invests up to 10% of its $5 billion macro fund into BTC), MassMutual ( invested $100 million in BTC in December); and Anthony Scaramucci’s Skybridge Capital (stashed $25 million in BTC in December).

Others believe that the recent hype around BTC is because many governments of the world are resorting to reckless quantitative easing. Just recently, the United States Federal Reserve and a number of National Banks have resorted to printing the US dollars with reckless abandon.

It is popular knowledge that quantitative easing is the mother of inflation. This is good news to the crypto sector as it will engender further mainstream adoption of BTC and other cryptos.

With the way things are going, it is projected that the leading currency may hit the $44k mark even in 2021.

Please Note:

This article is strictly for information purposes and not a piece of trading or investment advice. Should you want to trade or invest in Crypto, which is a volatile asset, please conduct your own personal due diligence- having in mind your risk appetite.