Bitcoin surpassed $20,000 for the first time, The world’s most well-known cryptocurrency surged into its highest-ever valuation, amid increased institutional and corporate interest, as well as concerns.
Bitcoin has seen a meteoric climb since March, when few fintech majors announced would enable the use of the cryptocurrency as legitimate tender. The value of Bitcoin stood at around $5,000 in March, which means it has increased 400 percent in the last eight months.
That’s right, 400 percent.
Unregulated by any central bank, Bitcoin has therefore raised valid concerns about the impact decentralized finance will have on the global financial system. emerged as a lucrative option for ‘maverick’ investors. Debate on whether Bitcoin should be seen as a form of money, an asset, or a commodity has been raging on since the cryptocurrency was launched in 2009.
The way the price has fluctuated widely, conservative institutions are not unfounded in their concerns.