Bitcoin Takes $20,000

Bitcoin Takes $20,000

Bitcoin has risen to all time high almost precisely three years after it neared these levels with the digital gold clearly crossing $20,000 for the first time.

The currency rose by about $700 today from $19,400, with it attracting corporate and institutional investors.

MicroStrategy is in the process of buying some $650 million worth of gold, the first publicly traded company to incorporate bitcoin in their treasury management.

A British firm has diversified into bitcoin, indicating a growing trend as fund managers say the most crowded trade is long bitcoin, short the dollar.

The dollar is expected to deal with ever increasing debt levels which by 2030 will cost Americans nearly a trillion a year according to the Congressional Budget Office.

That has led many to hedge with hard assets like bitcoin which once again breaks its all time high after a more than two years long bear market.

Where the currency goes now is unknown, but a new level has been reached as we near Christmas 2020.

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