{"id":106926,"date":"2021-01-03T08:42:00","date_gmt":"2021-01-03T08:42:00","guid":{"rendered":"https:\/\/precoinnews.com\/?p=106926"},"modified":"2021-01-03T08:42:00","modified_gmt":"2021-01-03T08:42:00","slug":"bitcoin-price-news-btc-surges-past-24k-and-could-hit-100k-in-2021","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/business\/bitcoin-price-news-btc-surges-past-24k-and-could-hit-100k-in-2021\/","title":{"rendered":"Bitcoin price news: BTC surges past \u00a324K – and could hit $100K in 2021"},"content":{"rendered":"
Flagship cryptocurrency bitcoin is continuing its remarkable rally by today topping $34,000 for the first time ever. The past twelve months alone have witnessed the cryptocurrency’s value rise by 300 percent. Bitcoin was valued at $33,823 (£24,737) at 6.44am GMT on Sunday, January 3, according to CoinDesk.com data – only two weeks after passing the $20,000 (£14,627) mark.<\/p>\n
BTC’s rehabilitation has been widely-credited to investors increasingly betting on it becoming a mainstream payment method.<\/p>\n
\nThe momentum behind bitcoin in recent weeks will only excite investors of the possibility of it hitting $50,000 or perhaps even the $100,000 mark this year<\/p>\n
Marcus Swanepoel, CEO of Luno<\/p>\n<\/blockquote>\n
Bitcoin is winning growing support as a form of payment online, with PayPal among the most recent adopters of digital currencies.<\/p>\n
And some analysts also suggest BTC could also benefit from the US dollar falling further, following significant stimulus from the US Federal Reserve.<\/p>\n
Marcus Swanepoel, CEO of cryptocurrency company Luno, believes the once-volatile bitcoin is showing concrete signs of increased stability.<\/p>\n
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He told Express.co.uk: “At $20,000, we asked ourselves: what next?<\/p>\n
“Many of us predicted a further rise for bitcoin in 2021, but few expected to see it smash its all time high yet again, just two days into the new year.<\/p>\n
“The momentum behind bitcoin in recent weeks will only excite investors of the possibility of it hitting $50,000 or perhaps even the $100,000 mark this year, which in-turn will sway those who’ve been sitting on the fence so far.<\/p>\n
“More importantly, the consistent nature of these price increases will go some way to allay the fears of volatility that have traditionally been used as a criticism against bitcoin for so long.”<\/p>\n
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This recent undramatic positive price momentum has been interpreted as a change from a time when investors were reportedly attracted by the lure of quick profits.<\/p>\n
Industry insiders are now also increasingly viewing BTC as a safe-haven store of value during the coronavirus pandemic.<\/p>\n
This is similar to gold, an asset traditionally viewed as particularly robust during periods of market volatility.<\/p>\n
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However, trading experts still exhibit caution. Many investors lost a lot of money when BTC climbed to approximately $20,000 in 2017 before quickly crashing 80 percent.<\/p>\n
Bank of England governor Andrew Bailey recently warned he was “very nervous” with the public using bitcoin to make payments.<\/p>\n
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The economist added those who invest in the cryptocurrency should be prepared to “lose all their money”.<\/p>\n
Today’s record value coincides with bitcoin celebrating its 12th birthday.<\/p>\n
This marks the anniversary of the mining of the cryptocurrency’s genesis block.<\/p>\n