Bitcoin surpassed the $20,000 mark and continues to rise to a new record as investors invest in the cryptocurrency during the coronavirus pandemic.
After reaching the symbolic benchmark on Wednesday, bitcoin continues to rise. According to Refinitiv, its last trading value reached $21,851. Bitcoin has risen strongly in value this year as, like other cryptocurrencies, it has become attractive to investors amid a weakening U.S. dollar.
“It’s no surprise to us that bitcoin reached $20,000, but it’s a very symbolic threshold at the end of a historic year for cryptocurrency. But it’s just the beginning of the takeoff,” said Michael Sonnenshein, managing director of Grayscale Investments.
Managers at BlackRock believe the cryptocurrency could replace gold, and payment giants Square and PayPal have adopted bitcoin as a major currency.