The world’s oldest cryptocurrency, Bitcoin, has achieved a new all time high today.
Bitcoin surged today to hit a high of $19,864 on Bitstamp, topping the December 2017 high of $19,666. This rally has been extremely impressive considering the fact that Bitcoin just 8 months ago fell to $4,000 due to the COVID-19 pandemic financial fallout.
The most recent mega-rally began on news of Paypal launching crypto-currency support for all users and businesses that use their platform. This will allow Paypal merchants to accept Bitcoin, Ethereum, Bitcoin Cash, and Litecoin as payment for goods or services. Money management servicers like Fidelity are mobilizing on the new age of crypto finances by launching a Bitcoin fund for larger investors too.
Opinion: This rally does feel a bit different. Following the most recent BTC halving, most technical indicators for past halvings indicated a growth in BTC price to compensate miners for the lack of reward. With the addition of companies like Square and Paypal allowing customers with already standing accounts to purchase crypto-currency is huge. Now its up to the retail consumer to see that their already trusted financial platform supports crypto.
With the massive growth coming with little to moderate amount of media coverage, it is possible mass-coverage of the emerging asset class is still to come. Whether you believe in Bitcoin or not, it would be logical to even have 1% of your investment portfolio in crypto.