Technology

November 01, 2020

Bitcoin hits its highest price in nearly 3 years

Source: Unsplash (Bermix Studio) 

The Gist

It reached a price of over 14 000$USD exactly 12 years to the day since Bitcoin was initially proposed by its anonymous developer. 

The List

  • Bitcoin was selling for a price of 14 100$USD on some cryptocurrency exchanges yesterday (October 31st).
  • The last time Bitcoin was trading at a price this high was in January 2018.
  • Bitoin's all time high is over 20 000$USD which occurred in mid December 2017.
  • Many large companies including Square and Microstrategy have been investing in Bitcoin over the last few months. 
  • Paypal also recently announced it would be supporting cryptocurrency payments at the start of 2021. 
  • Although Bitcoin is known to be volatile, its volatility has been decreasing over the years. 
  • In contrast to many other assets, Bitcoin has a finite supply of 21 million. 
  • Proponents have argued that this scarcity is what gives Bitcoin its value. 
  • Critics argue cryptocurrency is a bubble, and further question the intentions of Bitcoin's anonymous creator, Satoshi Nakamoto. 

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