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A visual representation of bitcoin with US dollars.
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Bitcoin briefly rose above the $ 16,000 level on Thursday, reaching a level not seen since the beginning of January 2018.
The cryptocurrency’s price soared to $ 16,019 just after 5 am ET, according to data from industry site CoinDesk. The last trade was more than 1% higher at around $ 15,800.
The last time bitcoin breached the $ 16,000 level was on January 8, 2018, according to data from CoinDesk. The reason for the bullish move on Thursday wasn’t immediately clear, but it appears a number of companies are getting closer to cryptocurrencies.
Last month, fintech giant PayPal announced it would be adding new features to allow users to trade bitcoin, ether, bitcoin cash, and litecoin. By early 2021, the company also plans to allow customers to use cryptography to shop with its network of 26 million retailers.
Meanwhile, Square said last month that it bought $ 50 million worth of bitcoin. The US fintech firm, run by Twitter CEO Jack Dorsey, has long been offering crypto services to users of its popular Cash app.
Bitcoin, the best known and most valuable cryptocurrency in the world, has more than doubled in price this year, a wild rise reminiscent of its monster rally in late 2017 that saw it shrink in value by $ 20,000.
Some cryptocurrency fans say it’s the fault of the unprecedented wave of stimulus from governments and central banks around the world to tackle the coronavirus crisis. Such measures, they say, devalue fiat currencies, making bitcoin an attractive alternative.
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