Bitcoin on Monday hit its high points as the popular bitcoin heads towards $20,000 per unit.
The digital currency reached $19,783 to hit 19,800 previously as some financial sectors have predicted that the coin will soon hit the 20,000 points.
Launched sometime in 2008, various arguments took center stage on how to categorize the digital currency.
While some see it as a commodity, some have a contrary view as they categorize it as a real means of exchange.
A modern form of money. On Monday, Bitcoin rose by 8 percent, a result that saw go past a 150 percent annual increase.
Insights from Bloomberg indicates that the bitcoin’s present rise is nowhere close to the transaction around it in its early days, a result which followed backdrop from the world’s global crisis.
Early 2020, in March precisely, the digital currency stood at barely $5,000. Bitcoin has seen regular ups and down and the latest was its downslide to 19,380 on Monday afternoon and subsequently saw a day rise by 6.5 percent, a result that left bitcoin’s total market capitalization at $360 billion.
Meanwhile, in October, it rose by 40 percent due to Paypal’s notification in allowing its users to transact in cryptocurrency.
According to Paypal, the new service will allow its customers to perform all their transactions in cryptocurrency.
Sometime in late 2017, the cryptocurrency experienced a significant decline in some three quarters in subsequent months.
According to Craig Erlam, Senior Market Analyst at OANDA on Monday commented that the price of bitcoin is now hitting another new level and it could mean a growing interest for digital currencies.
Several central banks have also made responses to the rising and falling in cryptocurrency use across the world.
They have announced some plans to engage in a bank-backed digital currency that will offer users a risk-free fiat currency.
Responding to Facebook’s move on producing its own digital currency, Libra, the US Federal Reserve is also testing some digital applications.
With no central bank regulation, bitcoin appears to be a very attractive option for investors.
Featured Image: financialtimes
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