Bitcoin Price Today Over $ 17,000 – Tech News – Technology

Bitcoin is fast approaching all-time highs that sparked a craze among investors nearly three years ago and ended in a violent slide.

The controversial digital asset, originally advertised as an alternative to national currencies such as the dollar, It was up $ 1,160, or 7%, to $ 17,864 on Tuesday. This year, its value has more than doubled what it has done recalls the 1.375% rebound in 2017 which preceded a 70% decline the following year.

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However, supporters and even skeptics say it could continue to climb higher. “This bitcoin thing is crazy“said Matt Maley, chief market strategist at Miller Tabak + Co.” This is the third parabolic move. Only God knows where it will go. ”

His earnings this year follow broader acceptance among major Wall Street firms, including Fidelity Investments, which launched a bitcoin fund over the summer.

Some major money managers have also switched to cryptocurrency: macro investor Paul Tudor Jones bought the coin as a hedge against potential inflation. And PayPal Holding Inc. said it in October would allow customers to access cryptocurrencies, which impulse bets that more people could start using digital tokens.

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Not all established investors are convinced. Bridgewater Associates LP founder Ray Dalio said Tuesday that something “may be missing”. But cryptocurrency fans have seen bitcoin continue to grow throughout the year, with many setting their sights on the December 2017 record of nearly $ 20,000, while others aim for even higher levels.

“Bitcoin has consistently been one of the best performing assets in the world since its inception,” said Mati Greenspan, founder of Quantum Economics. “This latter increase occurs when the major players enter the market exhausting the little supply left for sale.”

While some die-hard cryptocurrency fans have stayed with him through his ups and downs, others were mesmerized by bitcoin during the pandemic.

This week, bitcoin got a big boost when Maisie Williams, the actress who played Arya Stark in HBO’s “Game of Thrones,” asked her 2.7 million Twitter followers if she should invest in the coin.

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The question prompted the answers of celebrated cryptocurrency investor Mike Novogratz and Elon Musk of Tesla Inc.

Proponents argue that cryptocurrency can act as a safe haven in times of turbulence and can be a hedge against rampant money printing by central banks.

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Others were drawn to his spectacular breakthrough this year: the digital currency rose by around 150% in 2020, although it is still 10% below its all-time high.

But institutional adoption was slow in coming due to the high volatility of cryptocurrencies and some high-profile cases of hacking and theft. The Justice Department said this month it is suing for the seizure of more than $ 1 billion bitcoin claiming to be linked to the Silk Road criminal market which closed seven years ago.

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And earlier this summer, the Twitter accounts of some of America’s top political and economic leaders were hacked in an apparent attempt to promote a bitcoin scam.

Bitcoin has seen an average daily increase of 2.6% this year, according to data compiled by Bloomberg. This compares with the 0.9% swings in the price of gold, which is sometimes at odds with digital assets.

Hugo Rogers, chief investment officer at Deltec Bank & Trust, bought bitcoin when it currency It traded at around $ 9,300 in June and has since used any price weaknesses to add it to its portfolio.

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Bitcoin now accounts for around 5% of your Global Absolute Return Fund, which is important for high-growth biotech and tech companies. It probably won’t stop at the 5% mark, he said.

“A small bitcoin position can be very useful,” Rogers said by phone earlier this month. “There is no alternative to real assets capable of showing comparable performance. If you are planning to diversify your portfolio anyway, this is a good place to go. “

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