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Bitcoin’s price jumped to $ 17,800 (£ 14,000) on Tuesday thanks to validation by payment giant Paypal, the election of the first senator to support Bitcoin, and a report that says it will hit highs of $ 381,000 per coin as soon as 2021. .
The unexpected rally saw digital coin trading at its highest price in three years. It has soared over the past month, after trading below $ 12,000 in mid-October.
It comes after Paypal last week announced it was increasing a limit on the amount of coins customers could purchase because demand was so high. Allowing customers to trade, buy and hold Bitcoin, Litecoin and Ether is seen as an important validation for the industry after Bill Harris, the former Paypal CEO, described Bitcoin as “the biggest scam in history” in 2018.
Paypal has stated that on October 29 it will launch its Bitcoin exchange feature to 10% of its users. On November 3, it said it will increase the limit a customer can trade from $ 100,000 to double due to high demand. But it was after it announced wider availability for customers in the United States on November 12 that Bitcoin’s price began to rise.
Other companies like Twitter boss Jack Dorsey’s Square, Gemini and Coinbase, and Robinhood of the Winklevoss twins allow people to buy Bitcoin. However, many more people around the world and in different generations already have 22-year-old Paypal accounts.
The digital currency peaked at the end of 2017, reaching $ 20,000 per coin, but collapsed the following year and entered what experts describe as a “crypto winter”. Unlike fiat currency, it has not been affected by environmental factors such as Covid-19.
Even the announcement by American investment giant Fidelity that it has set up a dedicated crypto arm to make digital coin trading easier for its customers in August barely moved the needle.
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